Improvements in information technology over the past decade have enhanced labor productivity. What has been a likely result of this change?
A. Unemployment has increased.
B. Capital productivity has declined.
C. Entrepreneurs no longer have an incentive to invest in information technology.
D. The rate of economic growth has increased.
Answer: D
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The marginal cost of production that is borne by the entire society is the
A) marginal private cost. B) marginal social cost. C) marginal external cost. D) None of the above answers is correct.
The income effect from a fall in the price of a gallon of gasoline is shown in the above figure by the movement from
A) point A to point C. B) point A to point B. C) point B to point C. D) point A to point B and then to point C.
In the United States in 2014, about ________ of uninsured people live in families in which at least one member has a job
A) 12%. B) 38%. C) 70%. D) 98%.
A firm’s AC will eventually begin to rise because
A. managers’ salaries rise with output. B. bottlenecks may be reached for some inputs. C. MFC begins to rise near capacity. D. the range of negative returns is reached.