Which of the following does Luddite reasoning get correct?
A. Historically, the demand for labor has actually increased as technology has advanced.
B. New technology frequently causes some specialized labor skills to become obsolete.
C. New technology tends to raise total output, leading to an increase in the demand for labor.
D. Labor is necessary for building and maintaining machines, and so increased demand for machines increases the demand for labor.
Answer: B
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Refer to Figure 7-5. With insurance and a third-party payer system, what price do consumers pay for medical services?
A) $40 B) $55 C) $65 D) > $65
According to the graph shown, in the long run we can expect that
These are the cost and revenue curves associated with a monopolistically competitive firm in the short run.
A. firms will enter the market.
B. firms will exit the market.
C. price will increase.
D. profits will increase.
The market for cigarettes likely has a:
A. highly elastic demand. B. slightly elastic demand. C. highly inelastic demand. D. slightly inelastic demand.
A decrease in the real interest rate in the U.S. will cause net exports to:
A. increase because exports will remain constant but imports will decrease. B. decrease because exports will increase but imports will increase. C. increase because exports will increase and imports will decrease. D. decrease because exports will decrease and imports will increase.