Which of the following statements correctly describes the distinction between technology and technological change?
A) Technology involves research and development while technological change involves the use of more efficient machinery.
B) Technology is product-centered; its refers to developing new products with limited resources while technological change is process-centered in that it focuses on developing new production techniques.
C) Technology refers to the processes used by a firm to transform inputs into output of goods and services 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) Technology refers to the ability of a firm to increase its maximum output from a given quantity of inputs and technological change is the process by which the firm achieves this productivity gain.
C
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Most economists believe that labor unions significantly increase the overall unemployment rate in the United States
Indicate whether the statement is true or false
Both tariffs and quotas will restrict supplies coming into the country from abroad
a. True b. False Indicate whether the statement is true or false
Assume the market for candles is competitive. A new invention leads to labor-augmenting technological progress in the production of candles. This development
a. decreases the demand for workers who make candles and decreases their equilibrium wage. b. increases the demand for workers who make candles and increases their equilibrium wage. c. increases the supply of workers who make candles and decreases their equilibrium wage. d. increases the supply of workers who make candles and increases their equilibrium wage.
Which of the following is an example of unconventional monetary policy?
A. The Federal Reserve selling T-bills B. The Federal Reserve decreasing the discount rate C. The Federal Reserve purchasing mortgage-backed securities D. None of the above is correct.