The use of robots in agriculture is an example of
A) organizational changes leading to increased productivity.
B) decreasing returns to scale.
C) neutral technical change leading to increases in productivity.
D) nonneutral technical progress.
D
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Varying the quantity of output produced and sold at preset prices is called:
A. self-correcting economics. B. Say's law. C. meeting demand. D. spurring inflation.
All of the following are true of the gold standard except
(a) It requires international trading partners to strictly accept gold payments for imports and exports (b) It supported stable and fixed exchange rates throughout most of the 19th century (c) It encouraged international trade (d) It integrated the U.S. monetary system into the world market
Suppose that at current consumption levels an individual's marginal utility of consuming an extra hot dog is 10 whereas the marginal utility of consuming an extra soft drink is 2 . Then the MRS (of soft drinks for hot dogs)—that is, the number of hot dogs the individual is willing to give up to get one more soft drink is
a. 5 b. 2 c. 1/2 d. 1/5
Which of the following is true of high and variable rates of inflation?
a. When such rates are present, it will be difficult for people to accurately forecast next year's rate of inflation. b. Inflation of this type will help promote economic growth and the efficient use of resources. c. People will respond to such rates by spending more time producing and less time trying to protect their wealth and income from the uncertainty created by the inflation. d. Inflation of this type will improve the information content delivered by market prices.