Technological change ________ sustained increases in standards of living.
A. is necessary for
B. is helpful, but not necessary, for
C. is an obstacle to
D. always leads directly
Answer: A
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If the price of a good decreases, ceteris paribus, the consumer will experience (Select all that apply.)
a desire to consume a different bundle. the budget constraint rotating outwards along the x-axis the budget constraint rotating inwards along the x-axis an increase in utility. a northern or eastern movement on the indifference map a southern or western movement on the indifference map.
If an individual has $10,000 in a savings account paying 3% and the inflation rate is 2%, the nominal interest rate is
A) 3% and the real rate is 5%. B) 5% and the real rate is 7%. C) 5% and the real rate is 3%. D) 3% and the real rate is 1%. E) 5%.
The short-run supply curve of a perfectly competitive firm
A. intersects the minimum point of its short-run average total cost curve but not its short-run average variable cost curve. B. intersects the minimum point of its short-run average variable cost curve but not its short-run average total cost curve. C. intersects the minimum point of both its short-run average variable cost and its short-run average total cost curves. D. intersects the minimum point of its short-run average total cost curve and may or may not intersect the minimum point of its short-run average variable cost curve.
Economists believe that individuals:
A. have varying tastes for taking on financial risks, but are risk-averse in general. B. have the same tastes for taking on financial risks, and are risk-averse in general. C. have varying tastes for taking on financial risks, but are risk-seekers in general. D. have the same tastes for taking on financial risks, and are risk-seekers in general.