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If the marginal product of labor is equal to 5 and the marginal product of capital is 2, what is the marginal technical rate of substitution?
Multiculturalism
A policy or ideology that promotes the inclusion and celebration of diverse cultural backgrounds, traditions, and beliefs within a society, recognizing and respecting cultural differences.
Pluralistic Societies
Societies that are characterized by the peaceful coexistence of various groups, cultures, or individuals with differing beliefs, values, and lifestyles.
Modernization
The process of adopting newer methods, ideas, and technologies in various aspects of society, aiming for progress in economic, social, and cultural domains.
Traditional Societies
Traditional societies are characterized by a predominantly agrarian and non-industrial culture with social structures and norms defined by customs, traditions, and often, religious beliefs.
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