Holding other factors constant, technological progress ________ the real wage and ________ employment.
A. increases; increases
B. decreases; increases
C. increases; does not change
D. increases; decreases
Answer: A
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If the interest rate falls, the present value of $100 to be received in one year
A) rises. B) falls. C) is unaffected. D) might rise, fall, or not change.
Using the above table, a unit tax of $2 is imposed on the product. The equilibrium price of this product after the tax is imposed is
A) $5. B) $4. C) $3. D) $2.
The accompanying table describes the relationship between the number of workers hired by a call center each hour and the number of calls the call center can make each hour. The call center has only 1 telephone. The telephone costs the firm $5/hour (regardless of how many calls are made), and each worker is paid $10 per hour.Calls Per HourNumber of Telephones Per HourNumber of Workers Per Hour11221461616182211024112 If the price of a telephone increases to from $5 to $10 an hour and nothing else changes, then:
A. marginal cost would not change. B. total cost would not change. C. marginal cost would increase by $5 at every level of output. D. average total cost would increase by $5 at every level of output.
Refer to Figure 19.2. Diminishing marginal utility begins after
A. The third apple. B. The fourth apple. C. The first apple. D. The fifth apple.