The Reasons to Study Economics Include Which of the Following

question 50

Multiple Choice

The reasons to study economics include which of the following?

• A) to be an informed citizen
• B) to understand society
• C) to learn a way of thinking
• D) all of the above

Understand the impact of colonialism on economic development in former colonies.

Explain the main tenets, criticisms, and applications of major development theories including dependency theory and modernization theory.

Define and analyze the role of technological advancements in facilitating globalization.

Discuss the reasons and implications of locating production facilities of developed country companies in underdeveloped countries.

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Definitions:

Total Product

Total product refers to the total quantity of output produced by a firm within a given period as a result of inputs like labor and capital.

Average Product

The output per unit of input, calculated by dividing total product by the number of units of input.

Marginal Product

is the additional output that results from using one more unit of a particular input, holding other inputs constant.

Average Product

The output produced per unit of input, calculated by dividing total output by the number of units of input.