A country that has demonstrated the ability to catch up to the technology leaders by investing in both physical and human capital is called
a. a dependent economy.
b. a converging economy.
c. an advancing economy.
d. a predatory economy.
b. a converging economy.
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Under the assumption of rational expectations, real GDP is determined by
A) the economy's aggregate demand curve. B) the Fed. C) a combination of monetary and fiscal policy. D) the nation's long-run aggregate supply curve.
A technological advance that increases the productivity of teachers can be expected to have what effects on the equilibrium labor market for teachers?
a. Wages will rise, and quantity of labor will fall. b. Wages will rise, and quantity of labor will rise. c. Wages will fall, and quantity of labor will fall. d. Wages will fall, and quantity of labor will rise. e. Wages and quantity of labor will remain the same.
One example of a microeconomic question is, "Should unemployment benefits be increased?"
Answer the following statement true (T) or false (F)
Because the short-run average total cost curve slopes downward for an information product, the firm experiences
A. a downward sloping average variable cost curve. B. long-run diseconomies of scale. C. a downward sloping marginal cost curve. D. short-run economies of operation.