Graphically show and explain the effects of an improvement in the state of technology
What will be an ideal response?
An improvement in technology shifts the production function up, leading to an increase in output per worker for a given level of capital per worker.
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When a firm relies on radio and TV ads to reach potential customers, the firm is engaging in
A) direct marketing. B) mass marketing. C) interactive marketing. D) none of the above.
An IOU that promises to pay a certain amount at maturity, and also to pay periodic fixed amounts until that date, is called a(n)
A) stock. B) equity. C) bond. D) futures contract.
Automatic stabilizers "lean against the prevailing wind" of the business cycle because:
A. wages are controlled by the minimum wage law. B. federal expenditures and tax revenues change as the level of real GDP changes. C. the spending and tax multipliers are constant. D. they include the power of special interests.
Social equality implies the absence of class stratification
Indicate whether the statement is true or false