In the long run, changing technology on average has led to:
a. lower employment and lower wage rates
b. higher employment and lower wage rates.
c. lower employment with wage rates unchanged.
d. higher employment with wage rates unchanged.
e. higher incomes and more leisure time.
e
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One way to allocate the scarce good created from an effective price ceiling is to:
`A. offer it on a first-come, first-served basis. B. ration a certain quantity per household. C. give them to the friends and family of the producers. D. All of these are examples of allocating using non-price methods.
The expected rate of inflation is built into current nominal rates of interest.
a. true b. false
A Lorenz curve plots
A. the distribution of income. B. unemployment and inflation. C. job openings and the unemployment rate. D. the distribution of labor supply.
The interest rate is the price borrowers pay to borrow money. Key interest rates are controlled by the Federal Reserve System. If the Federal Reserve acts to reduce interest rates, economists would expect the demand for money to
A. increase. B. decrease. C. not change. D. be influenced by the interest rate, but with an uncertain effect.