Technological advancements cause structural unemployment. However, they help in:
a. lowering the rate of interest in the economy.
b. increasing the price level in the economy and hence make business more profitable for the firms.
c. improving living standards by giving consumers a greater variety of goods at lower costs.
d. raising government's tax revenue.
e. raising the aggregate income in the economy.
c
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Goods with upward sloping demand curves are referred to as
A) luxury goods. B) substitute goods. C) Giffen goods. D) Marshall goods.
In 2012, Ben Bernanke expressed which concern about persistently high unemployment?
A) It would result in high inflation. B) It would result in structural damage to the economy that would last for years. C) It would never decline to desired levels. D) It would cost him his job.
Three firms agree to operate as a monopoly and charge the monopoly price of $50 for their product and (jointly) produce the monopoly quantity of 10,000 units. If the competitive price for the product is $35, under the Clayton Act these three firms face treble damages of ________.
A) $3,000,000 B) $150,000 C) $450,000 D) $1,000,000
What is behavioral economics?
A) the study of how people make wealth-maximizing decisions B) the study of how people behave in the face of scarcity C) the study of situations in which people act in ways that are not economically rational D) the study of how people make decisions at the margin