If technology is a complement to labor, then advances in technology will ________ the number of workers hired.
A. increase
B. not affect
C. decrease
D. act as a substitute for
Answer: A
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A key assumption of most economic analysis is that people are altruistic, meaning that they act in their own self-interest
Indicate whether the statement is true or false
Of the three major economic questions, which of the following is the best example of a "What?" question?
A) Should we make faster microprocessors or pest-resistant corn? B) Should higher-income or lower-income people buy SUVs? C) What should doctors be paid? D) Should automobiles be produced using workers or robots? E) Should migrant workers or domestic workers be used to pick grapes?
Product differentiation means
A) making a product that has perfect substitutes. B) making a product that is entirely unique. C) the inability to set your own price. D) making a product that is slightly different from products of competing firms. E) making your demand curve horizontal.
The aggregate demand curve shows total expenditures at different levels of national income
Indicate whether the statement is true or false