Technical change which results in a change in the production process is known as
A. technical catch-up.
B. per-capita technical change.
C. disembodied technical change.
D. embodied technical change.
Answer: C
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Organizing a successful firm in a market economy has become ________ over the last century
A) politically impossible B) less difficult C) legally impossible D) more difficult
Firm A is a monopoly. The demand for its output is p = 90 - Q. Production is such that Q = L. Firm A hires labor in a competitive market where the wage is $10. Firm A will hire
A) 10 units of labor. B) 20 units of labor. C) 30 units of labor. D) 40 units of labor.
_____________ Capital Markets Small homogeneous units (shares) of ownership in assets trade in public exchanges Many buyers and sellers Price quotes available for all to see Characterized by a high degree of liquidity Informationally efficient
Fill in the blank(s) with the appropriate word(s).
The production possibilities curve demonstrate which of the following concepts?
A) scarcity
B) choice
C) trade-offs
D) all of the above