Artificial intelligence (AI) technologies
A. produce large volumes of data that make decision making more complicated.
B. can enable individuals to make more informed decisions.
C. often reveal economic relationships that do not actually exist.
D. free businesses, governments, and consumers from making decisions.
Answer: B
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As price increases, additional suppliers are willing to produce a commodity.
Answer the following statement true (T) or false (F)
The invention of the Internet should make poorer countries
a. poorer due to the expense of new technology. b. poorer because the Internet is primarily in richer countries. c. richer because technology adoption is easier. d. richer because they can distribute information without costs.
Which of the following statements concerning the history of U.S. inflation is not correct?
a. Prices rose at an average annual rate of about 3.6 percent over the last 80 years. b. There was about a 17-fold increase in the price level over the last 80 years. c. Inflation in the 1970s was below the average over the last 80 years. d. The United States has experienced periods of deflation.
In a closed economy that is in equilibrium, investment is equal to:
A. private saving. B. public saving. C. private saving plus public saving. D. disposable income minus consumption.