All of the following are considered process innovation EXCEPT
A) neutral technical progress.
B) labor saving technical progress.
C) organizational innovation.
D) nonneutral technical progress.
C
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An automobile manufacturer decides to increase its retained earnings. Assuming all else equal, this will cause:
A) a downward movement along the current credit supply curve of the firm. B) the current credit supply curve of the firm to shift to the left. C) the current credit supply curve of the firm to shift to the right. D) an upward movement along the current credit supply curve of the firm.
Which of the following observations is true?
a. Free markets will achieve all of society's goals. b. The ability to buy goods is divided equally among consumers. c. The market deals with efficiency in production through the profit motive. d. The market system encourages firms to use inputs wastefully.
If economic resources are perfectly interchangeable between the two products shown on a production possibilities graph:
A. The economy will always be at full employment B. More of one product can be produced without producing less of the other product C. The production possibilities curve would be a straight line D. The two products are of equal value to the economy
In the short run, if the stock of capital ________ there will be more depreciation.
A. grows B. declines C. remains stable D. grows, declines, or remains stable