If there is an advancement in the technology used to produce a product, what is the likely effect it may have on the supply?
A. The company would not change its manufacturing.
B. More people would be needed to produce the product.
C. It would decrease the supply.
D. It would increase the supply.
Answer: D
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Economist Kenneth Arrow wrote a famous book in 1951 in which he took up the question,
a. Is there a perfect voting system? b. Are preferences transitive? c. Is a dictatorship a good form of government? d. Does Democracy work?
Which of the following would be most likely to cause the short-run aggregate supply curve to shift left?
A) A reduction in oil prices due to increased drilling. B) A decrease in investor confidence. C) A rise in government spending. D) A spike in food prices due to a drought.
Checking deposits are also known as demand deposits.
Answer the following statement true (T) or false (F)
The most efficient way to get firms to reduce pollution is to
A) set uniform emission standards and require all firms to meet the standards. B) make the worst polluters shut down and go out of business. C) make them pay for the social costs of production and let them decide how to respond to the higher costs. D) provide firms and consumers with the information about the effects of their actions and encourage them to behave responsibly.