Technological progress generally has the effect of
a. creating permanently higher levels of unemployment.
b. freeing resources that can now go to other uses.
c. lowering the national standard of living.
d. doing all of the above.
B
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Suppose that over the next few years the demand for dancing to country and western music decreases. Hence, at country and western dance clubs the equilibrium price of admission ________ and the equilibrium quantity of dancing ________
A) rises; increases B) rises; decreases C) falls; increases D) falls; decreases E) does not change; decreases
Using the data in the above table, the average total cost of producing 16 units per day is
A) $1.25. B) $6.25. C) $7.00 D) $7.50.
Answer the question on the basis of the following information: year nominal GDP price index 1 550 140 2 560 135 3 576 125 4 586 117 5 604 108 In the economy above:
a) the price level is rising faster than nominal GDP. b) nominal and real GDP are growing at the same rate. c) the growth of nominal GDP understates the growth of real GDP. d) the growth of nominal GDP overstates the growth of real GDP.
The Condorcet paradox is a situation in which the preferences of each individual member of a group are ________, and the collective preferences of the group are ________.
A. transitive; not transitive B. not transitive; not transitive C. transitive; transitive D. not transitive; transitive