There are some concerns that technological progress can lead to an increase in unemployment. Explain the two related but separate dimensions of technological progress
What will be an ideal response?
First, TP allows for a greater quantity of goods produced with the same inputs. Second, TP results in the production of new goods and the disappearance of old ones.
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All of the following are keys to economic development EXCEPT
A) establishment of a system of property rights. B) minimizing "creative destruction." C) open economies. D) an educated workforce.
Who believed that people had transactional, precautionary, and speculative motives for holding money?
A. John Maynard Keynes and the classical economists B. Neither John Maynard Keynes nor the classical economists C. The classical economists, but not John Maynard Keynes D. John Maynard Keynes, but not the classical economists
The price of a gallon of gasoline increased from $2.00 to $2.25 while the price of a ride on the city bus increased from 50 cents to 75 cents. The relative price of riding the city bus
A. stayed constant at 4.0. B. decreased from 4.0 to 3.0. C. increased from 0.25 to 0.6. D. stayed constant at 0.25.
In Figure 1.1, which labeled points are unattainable?
A. only A B. only B and C C. only D D. A, B, and C