Why might the use of more advanced technology not be a sufficient condition for sustained economic growth?
What will be an ideal response?
It may require an inefficiently high capital labor ratio and complementary factors, especially education, may be lacking. Additional points depend on lecture coverage.
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From the economic point of view, "joint costs" are problematic because
A) they can only be determined in markets for illicit drugs. B) there is no way to correctly allocate joint costs. C) they can be measured only by the most sophisticated accounting techniques. D) there is no way to discuss the concept meaningfully.
If demand is unit elastic, then
A) a ten percent increase in price leads to a one percent decrease in quantity demanded. B) the unit change in quantity demanded equals the unit change in price. C) a two percent increase in price leads to a two percent decrease in quantity demanded. D) an increase in price of any amount leads to quantity demanded falling to zero.