How are technological advance and capital formation related?
Please provide the best answer for the statement.
Technology usually promotes capital investment, encouraging purchases of new machinery and equipment. Also, capital formation usually involves technological advance, as new purchases are usually of better technology and thus bring an industry into a faster, more efficient capacity. In this way, technology and capital formation go hand in hand.
You might also like to view...
Labor productivity is defined as
a. the amount of output a typical worker turns out in an hour of work. b. the amount of output the best worker turns out in a day of work. c. the amount of output improvement in a year of work. d. the amount of average output improvement for a team in a year of work.
The marginal revenue that would be derived from producing a fourth unit of output is
A. $20.
B. $16.
C. $12.
D. $8.