The implementation of the assembly line is an example of how
A) changes in the organization of production improve productivity.
B) neutral technical change improves productivity.
C) non-neutral technical change can decrease productivity.
D) labor saving technical change increases economy-wide unemployment.
A
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When the AE curve shifts upward because the price level falls, the corresponding effect on the aggregate demand curve is
A) a shift rightward of the aggregate demand curve. B) a movement upward along the aggregate demand curve. C) a shift leftward of the aggregate demand curve. D) a movement downward along the aggregate demand curve. E) nothing because aggregate demand does respond to changes in the price level.
Because the Fed increased the money supply after the recession in the early 1990s, the
a. AD curve shifted to the left b. economy returned to equilibrium GDP at a price level that was lower than the original price level c. price level continued to increase after the recession ended d. price level fell back to its original level e. long-run equilibrium GDP decreased
Average physical product measures the increase in total output that results from a one-unit increase in an input
a. True b. False Indicate whether the statement is true or false
The price of one country's currency in terms of another's is called
a. the interest rate. b. the inflationary premium. c. the discount rate. d. the exchange rate.