Suppose you were interested in increasing technological progress in your country. Suggest some ways to do it.
What will be an ideal response?
Question 2
Suppose the nation of Arcadia produces only two goods, teapots and surfboards. If Arcadia produces only teapots, it can make 80 per day. If Arcadia produces only surfboards, it can make 30 per day.
What is the opportunity cost of 1 teapot in Arcadia?
A) 3/8 of a surfboard B) 8/3 surfboards C) 30 surfboards D) 80 surfboards