Some believe that technological progress leads to higher unemployment in the medium run. This claim that technological progress results in an increase in unemployment in the medium is supported by
A) economic theory, but contradicted by the evidence.
B) theory and evidence.
C) the evidence, but contradicted by theory.
D) neither theory nor evidence.
E) none of the above
D
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Answer the following statement(s) true (T) or false (F)
1. A simple profit-maximizing monopoly will choose its price and quantity from the elastic portion of its demand curve. 2. Unlike perfectly competitive firms, monopolies do not produce where marginal revenue equals marginal cost, thus leading to deadweight loss. 3. In practice, many monopolists are required to earn zero economic profit. 4. If a natural monopoly charged the competitive price, it would earn a negative profit. 5. A competitive industry is a viable alternative to a natural monopoly.
The inflation rate in a particular country changed from 4 percent to 8 percent during two subsequent quarters of the same year. As a result, retail outlets had to reprint new sticker prices for their products. This additional cost borne by the retailers because of the inflation is an example of a: a. menu cost
b. shoe-leather cost. c. unit-of-account cost. d. time cost.
Border effects can result from:
a. trade. b. tariffs. c. monopolistic competition. d. imperfect competition.
Suppose that real GDP starts at 100 and grows at a rate of 10 percent per year for two years. In the third year real GDP would be:
A. 110. B. 110.1. C. 120. D. 121.