Why is it difficult to determine whether an industry is operating efficiently when there is rapid technological process underway?
What will be an ideal response?
The reason is that rapid technological process typically brings about continued falling marginal and average total cost. Since you never know where those costs are headed its difficult to determine if a firm or industry is operating efficiently when further cost reductions are right around the corner.
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Unemployment that emerges during sectoral shifts in the economy is known as ________
A) structural unemployment B) discouraged unemployment C) cyclical unemployment D) frictional unemployment
Which component of U.S. household spending has grown the most over the past ten years?
a. taxes b. savings c. spending on services d. spending on nondurable goods e. spending on durable goods
U.S. leadership has recently eroded in just about every aspect of global life except one, and that is its ______ dominance.
Fill in the blank(s) with the appropriate word(s).
The “invisible hand” cannot fully work when government economic polies are in place. Explain
Please provide the best answer for the statement.