In 1971, a bank worker could process 265 checks in 1 hour. Currently, computers with built-in reader-sorter processing capacity have pushed that number above 100,000 checks per hour. Economists describe this type of activity as
A. the exploitation of labor.
B. an increase in labor productivity.
C. the displacement of labor.
D. the effects of comparative advantage.
E. the mutual gains received through voluntary trade.
Answer: B
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Which of the following is a major reason for offshoring?
a. Advances in information and communication technologies. b. The inability of companies to fragment production processes. c. The gradual decline in worldwide competition. d. All of the above are major reasons for offshoring.
A monopsony exists when
A. there is a single seller with no rivals in an input market. B. there is a labor union controlling labor supply in a labor market. C. there is a single buyer with no rivals in an input market. D. employers in a labor market face a horizontal labor supply curve.
Explain the difference between the immediate market period, the short run, and the long run as they relate to price elasticity of supply
Please provide the best answer for the statement.
"Recession" refers to a period when real GDP in the economy:
A. declines for at least six months. B. suffers due to political instability. C. grows rapidly. D. experiences a rise in living standards.