Which of the following is true of modern technology?
a. Improvements in technology have propelled the production possibilities and living standards of people in North America, Western Europe, and several other parts of the world.
b. In low-income countries, proven technologies can be either emulated or imported at a low cost.
c. Often, perverse institutions and policies in low-income countries undermine the gains from improvements in technology.
d. All of the above.
D
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A market system tends to create inequality.
Answer the following statement true (T) or false (F)
Social insurance taxes and individual income taxes comprise more than 80 percent of federal revenues
a. True b. False
Monopolistically competitive firms face downward sloping residual demand curves because these firms
A) have relatively few rivals (compared to competition). B) sell differentiated products. C) A and/or B. D) None of the above.
The aggregate demand curve would shift to the left if
A. government spending were increased. B. the cost of energy were to decrease. C. the money supply were increased. D. net taxes were increased.