Technological progress has played a very important role in China's economic growth. Where does the technological progress in China come from?
What will be an ideal response?
There are two major channels. First, China has transferred labor from the countryside, where productivity is very low, to industry and services in the cities, where productivity is much higher. Second, China has imported the technology of more technologically advanced countries.
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Which of the following may partially reduce the geographical disadvantages faced by poorer countries?
A) Limiting the use of natural resources so that they can be preserved for future uses B) Transferring technology from richer to the poorer countries C) Restricting the immigration of skilled workers from foreign countries to the poorer countries D) Limiting the participation of poorer countries in international trade
What is always true at the quantity where a firm's average total cost equals average revenue?
A) The firm's profit is maximized. B) Marginal cost equals marginal revenue. C) The firm breaks even. D) The firm's revenue is maximized.