Labor-saving technological advances increase the marginal productivity of labor
a. True
b. False
Indicate whether the statement is true or false
False
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Why does the short-run aggregate supply curve slope upward?
What will be an ideal response?
If lower-income households spend a greater share of their income on cigarettes than do higher-income households, then a tax that raises the price of cigarettes will
A) cause lower-income households to incur a greater loss of consumer surplus than that incurred by higher-income households. B) cause higher-income households to incur a greater loss of consumer surplus than that incurred by lower-income households. C) raise consumer surplus among higher-income households. D) cause consumer surplus to decline among smokers, but the relative impact cannot be determined from the given information.
The term "fine-tuning the economy" implies: a. making government economic policy more "people oriented"
b. using government policies to adjust the economy and promote economic stability. c. solving microeconomic problems such as externalities and losing sight of the big picture. d. placing fewer regulations on the private sector, thereby eliminating the need for government intervention. e. designing policies based exclusively on leading economic indicators.
A technological change that positively affects business expectations will: a. cause a rightward shift of the investment demand curve
b. cause a leftward shift of the investment demand curve. c. cause an upward movement along the investment demand curve. d. cause a downward movement along the investment demand curve. e. make the investment demand curve upward sloping.