The difference between technology and technological change is that
A) technology is product-centered, that is, developing new products with our limited resources while technological change is process-centered in that it focuses on developing new production techniques.
B) technology is carried out by firms producing physical goods but technological change is an intellectual exercise into seeking ways to improve production.
C) technology involves the use of capital equipment while technological change requires the use of brain power.
D) technology refers to the processes used by a firm to transform inputs into output while technological change is a change in a firm's ability to produce a given level of output with a given quantity of inputs.
D
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Which of the following schools of thought believes that the major source of the macroeconomic problems are the disequilibria in the private labor and goods market?
a. Keynesians and new Keynesians b. Only monetarists c. Only new classical economists d. Monetarists and new classical economists e. Monetarists and Keynesians
People have a portfolio demand for money in part because:
A. money is needed to pay brokerage commissions. B. there is no cost to holding money which gives it a relatively high return. C. money is part of a well-diversified financial portfolio. D. the return on money is often higher than other financial assets.
In 1997, there was a speculative attack on the Thai baht. This resulted from the:
A. belief by speculators that the Thai central bank didn't have sufficient U.S. dollar reserves to maintain the current fixed rate. B. revelation that the Thai central bank had converted its gold reserves into foreign exchange. C. belief by speculators that the Thai central bank had an oversupply of U.S. dollar reserves. D. overthrow of the Thai president and the central bank.