What is the difference between labor-saving technology and labor-complementary technology?
What will be an ideal response?
Labor-saving technology is a type of technology that can substitute for existing labor inputs, reducing the marginal product of labor. Conversely, labor-complementary technology is a type of technology that can complement existing labor inputs, increasing the marginal product of labor. The introduction of labor-saving technology shifts the demand curve for labor to the left, whereas the use of labor-complementary technology shifts the demand curve for labor to the right.
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For federally chartered banks, the "primary" federal regulator is the
A) Federal Reserve. B) FDIC. C) House Banking Committee. D) Comptroller of the Currency.
The change in total profit when a firm increases its output by one unit equals
a. total revenue minus total cost b. total revenue minus marginal revenue c. marginal revenue minus marginal cost d. total revenue minus marginal cost e. marginal revenue plus marginal cost
The phase in the business cycle marked by a relatively high level of real GDP, full employment, and inflation is called
a. a recession b. a peak c. prosperity d. a recovery e. a trough
If Maggie can make $80,000 as an accountant, $50,000 as a cashier, $20,000 as a cook, and nothing as an opera singer, she has a comparative advantage in
A) accounting. B) being a cashier. C) being a cook. D) opera singing.