What is technology and what factors does it depend on?
What will be an ideal response?
Technology is the processes a firm uses to produce goods and services.
In the economic sense, a firm's technology depends on many factors, such as the skill of its managers, the training of its workers, and the speed and efficiency of its machinery and equipment.
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In defining development to include more than just the growth of per capita income, there is an implicit assumption that the growth of per capita income alone is not sufficient to guarantee the reduction of poverty and the growth of self-esteem
Is it possible that there could be growth of per capita income without the achievement of these other objectives?
Let Kj and Lj denote the capital and labor stocks of country j (j = A,B), then country A is said to be capital abundant relative to country B if
A) KA > KB. B) KA/LA > KB/LB. C) LA < LB. D) All of the above.
Discuss the different effects on the domestic interest rates when prices are assumed flexible and when they are assumed to be sticky
What will be an ideal response?
Why do monopolies lack productive efficiency?
a. Because barriers to entry eliminate competition b. Because they produce at the bottom of the average cost curve c. Because investments in innovation are costly d. Because they are unable to achieve economies of scale