A technological improvement in the production of good X causes the:
a. demand curve for X to shift to the right. b. demand curve for X to shift to the left.
c. supply curve for X to shift to the right. d. supply curve for X to shift to the left.
c
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Asymmetric information is a universal problem. This would suggest that financial regulations
A) in industrial countries are an unqualified failure. B) differ significantly around the world. C) in industrialized nations are similar. D) are unnecessary.
Firms are ________ with an economic profit of zero, they will ________ in the industry because they ________ be better off in another industry
A) satisfied, stay, won't B) unsatisfied, leave, will C) satisfied, leave, will D) unsatisfied, stay, won't
Which of the following best describes the production function?
(a) TP = (Land, Labour, Capital, Savings). (b) TP = f (Land, Labour, Capital, Savings). (c) TP = (Land, Labour, Capital, Enterprise). (d) TP = f (Land, Labour, Capital, Enterprise).
Which of the following examples would most likely result in high costs for workers?
a. Sports equipment production remains steady with just enough job applicants to meet demand. b. Computer job openings have an overflow of applicants with computer science degrees. c. An agricultural recession results in a widespread lay off of farm workers. d. A diamond mining boom causes skilled miners to be in short supply.