In the case of the production of electronic calculators, introduced in the United States in the 1960s,
a. a technological breakthrough reduced the input quantities needed to produce them.
b. quantity demanded increased significantly as prices fell.
c. production costs fell with advances in technology.
d. All of the above are correct.
d
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The change in total cost from producing another unit of output equals the
A) average total cost. B) variable cost. C) average variable cost. D) marginal cost.
Which of the following are arguments that have been and currently are used to justify protectionism?
(a) The infant industry argument (b) Tariffs create lower profits, generate fewer jobs, and reduce wages in the U.S. (c) Countries should not operate on the basis of comparative advantage. (d) All of the above
The income-expenditure model of real GDP determination is due to the work of
A) Adam Smith. B) J. B. Say. C) John Maynard Keynes. D) Roger Miller.
Stagflation is defined as:
a. the simultaneous occurrence of high inflation and high unemployment. b. high inflation accompanied by falling interest rates. c. declining GDP accompanied by a stable price level. d. a persistent decline in the price level that is unresponsive to monetary and fiscal policies.