Which of the following statements about technology is true?
a. It is a sufficient but not necessary condition for economic growth.
b. Management techniques are irrelevant to technological growth.
c. Industrial countries follow the lead of developing countries in implementing new technology.
d. Technological change is inversely related to a nation's ability to save.
e. Low levels of education can impede technological progress.
e
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Suppose you are thinking about spending an additional hour studying for your next microeconomics exam. You should spend that extra hour studying as long as
A. the extra study time leads to a higher grade on the exam. B. your only other alternative is spending an hour reading a novel. C. the benefit of an additional hour of study is greater than what you have to give up in order to study one more hour. D. you enjoy studying microeconomics.
Refer to the table at right. If the price of the product is $1.50, and the marginal factor cost of an additional unit of an input is $135, how many units of labor should be hired?
A. 14 B. 11 C. 12 D. 13