Starting at point B in the diagram below, identify which combinations of points illustrate technological change. Give a brief explanation to support your answer
What will be an ideal response?
The movement from B to D in the diagram illustrates technological change. Technological change is constant along a given production function. Technological change will shift the production function up as more output is produced ($17,000 GDP per hour vs. $16,000 GDP per hour) with the same amount of capital per hour worked ($60,000 ).
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When the Fed buys government securities, the immediate effect of the purchase is that banks'
A) reserves decrease. B) loans decrease. C) reserves increase. D) assets increase. E) deposits increase.
The table above shows the marginal costs and marginal benefits of college education. With public provision of the efficient amount of college education, the cost paid by the taxpayers is
A) zero. B) $8,000 per student. C) $4,000 per student. D) $12,000 per student.
For procurement of conventional products like hammers and shovels, the most appropriate type of contract is ______
a. fixed fee b. cost plus fixed fee c. cost plus percentage fee d. cost plus incentive fee
The two flows, or things being exchanged, in the circular flow model are:
A. inputs and outputs. B. imports and exports. C. inputs/outputs and money. D. land and labor.