If other factors remain? unchanged, technological progress in producing good A definitely will lead to
A) an increase in the market clearing price of good A and a decrease in the equilibrium quantity of good A.
B) an increase in both the market clearing price and the equilibrium quantity of good A.
C) a decrease in the market clearing price of good A and an increase in the equilibrium quantity of good A.
D) a decrease in both the market clearing price and the equilibrium quantity of good A.
Answer: C) a decrease in the market clearing price of good A and an increase in the equilibrium quantity of good A.
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Refer to Table 2-5. What is Finland's opportunity cost of producing one cell phone?
A) 0.25 board feet of lumber B) 4 board feet of lumber C) 12 board feet of lumber D) 16 board feet of lumber
The short-run Phillips curve shifts upward whenever:
a. inflation rises. b. a negative supply shock occurs. c. unemployment rises. d. all of the above.
Limited liability is a benefit to
A) sole proprietorships. B) partnerships. C) corporations. D) All of the above.
If initial equilibrium real Gross Domestic Product (GDP) is $400 billion, MPC = 0.9, and autonomous investment increases $40 billion, equilibrium real Gross Domestic Product (GDP) will be
A) $440 billion. B) $360 billion. C) $600 billion. D) $800 billion.