If adopted by a firm, a labor-augmenting piece of technology is one that would:
A. increase labor demand.
B. increase labor supply.
C. decrease labor demand.
D. decrease labor supply.
A. increase labor demand.
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"Government failure" is present when
a. constitutional restrictions block government action that is favored by the majority of voters. b. political decision-makers try to serve the general public rather than their personal interest. c. the structure of incentives encourages political decision-makers to undertake actions that conflict with the efficient allocation of resources. d. the political decision-makers are motivated by something other than good intentions; if they have good intentions, political action will allocate resources efficiently.
Suppose the economy is self-regulating, the price level is 120, the quantity demanded of Real GDP and the quantity supplied of Real GDP in the short run both equal $5.7 trillion, and the quantity supplied of Real GDP in the long run is $5.2 trillion. Given all of this information, we can conclude that the economy ____________ in short run equilibrium, and that the price level in long run
equilibrium will be _____________ than 120. A) is not; less B) is; greater C) is; less D) is not; greater
Holding the nominal deficit, nominal interest rate, and total debt constant, an increase in the inflation rate will:
A. raise the real deficit. B. either raise or lower the real deficit depending on the real interest rate. C. not affect the real deficit. D. lower the real deficit.
Related to the Economics in Practice on p. 418: John Steinbeck's The Grapes of Wrath is set in the early 1930s. During this time, the U.S. economy was primarily in the ________ phase of the business cycle, culminating in the Great Depression.
A. trough B. recession C. expansion D. peak