Is it possible for technological change to be negative? If so, give an example
What will be an ideal response?
Technological change could be negative, for instance, when a natural disaster hits, or when a firm hires less-experienced workers. In these cases, the firm would produce a lower level of output with the same inputs.
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Macroeconomic equilibrium is best described as a situation in which: a. the slope of the aggregate demand curve equals the slope of the aggregate supply curve. b. quantity demanded exceeds quantity supplied
c. quantity demanded equals quantity supplied at a unique price level. d. quantity supplied exceeds quantity demanded at a unique price level. e. quantity supplied equals quantity demanded at a unique price level.
The purpose of the Keynesian analysis is to explain what determines the
a. size of the labor force. b. price level. c. amount of money required in the economy. d. levels of national income, output, and employment.
When the demand curve shifts to the right and supply doesn't change:
A. supply will rise. B. equilibrium quantity will rise. C. equilibrium price will fall. D. quantity demanded will rise.
All of the following cause a shift in the demand curve EXCEPT a change in the
A) price of related goods. B) price of the good or service. C) consumer income. D) number of consumers.