To raise economic development, developing countries should
A) focus on producing service goods.
B) produce goods that are capital intensive and not labor intensive.
C) not focus on economic growth.
D) focus on their comparative advantage.
D
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The marginal rate of technical substitution of labor for capital measures
a. the amount by which capital input can be reduced while holding quantity produced constant when one more unit of labor is used. b. the amount by which labor input can be reduced while holding quantity produced constant when one more unit of capital is used. c. the ratio of total labor to total capital. d. the ratio of total capital to total labor.
Economics is
a. exclusively the study of the markets for stocks and bonds b. the study of choice under conditions of scarcity c. exclusively the study of business firms d. fundamentally the same as sociology e. applicable only when scarcity is not a problem