Technological advances lead to ________
A) a shift of the short run AS curve up
B) a shift of the long run AS curve to the left
C) an upward movement along the long run AS curve
D) all of the above
E) none of the above
E
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A production function: a. shows the relationship between a firm's costs and revenues
b. shows the relationship between production and profits. c. shows the relationship between inputs and the maximum output that can be produced from those inputs. d. shows the relationship between variable inputs and fixed inputs.
If Social Security is over-indexed, real payments
a. are lower than they would be if they were correctly indexed. b. are higher than they would be if they were correctly indexed. c. are constant. d. are decreasing. e. are under-indexed.
The most common form of "forced savings" in the U.S. is:
A. Medicare. B. unemployment insurance. C. Social Security. D. FICA.
In the recent financial and economic crises, the economy fell into a so-called liquidity trap, which means that:
A. Banks did not have enough reserves to continue lending to banks B. The Fed injected reserves into the banking system, but the interest rates remained high C. Firms did not want to borrow from banks because they had little need for extra liquidity D. Banks held on to excess reserves and people chose to pay off loans rather than spend