Which of the Following Can Help Explain the Technology Gap

question 53

Multiple Choice

Which of the following can help explain the technology gap that exists between some countries?

• A)poorly established property rights
• B)political instability
• C)the relative absence of entrepreneurs
• D)all of the above
• E) none of the above

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Definitions:

Monopsonist

A monopsonist is a market condition where there is only one buyer in a market, giving this buyer significant control over the price and terms of purchase.

Labor Supply

The total hours that workers are willing and able to work at a given wage rate, across an economy or market.

Marginal Revenue Product

The additional revenue a firm earns by employing one more unit of input, such as labor or capital.

Variable Input

An input in the production process that can be varied in the short term to adjust output, such as labor or raw materials.