What best describes the changes in steel production from 1860-1910?
a. The open-hearth process quickly became the dominant production process after it was invented.
b. Technological change in steel production changed relatively slowly.
c. No technological changes occurred in the steel industry.
d. The production of steel stayed constant through this period, but it became much more efficient.
b. Technological change in steel production changed relatively slowly.
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The natural rate hypothesis asserts that in the ________, the money wage rate is fixed and the ________ in the inflation rate brings a(n) ________ in the unemployment rate
A) short-run; decrease; increase B) short-run; increase; increase C) short-run; decrease; decrease D) short-run; increase; decrease E) long-run; increase; decrease
Refer to the figure above. When the supply curve of flash drives is S2 and the demand curve of flash drives is D, what is the surplus in the market when the price is $7?
A) 0 units B) 10 units C) 20 units D) 40 units
In Figure 1 above if the economy were at Y1 then we would expect there to be:
A. no change in production since PAE = actual output. B. an increase in production since PAE < actual output. C. an increase in production since PAE > actual output. D. a decrease in production since PAE > actual output.
A variable that tends to move later than aggregate economic activity is called
A. a leading variable. B. a coincident variable. C. a lagging variable. D. an acyclical variable.