Which of the following is the least likely to result from an advance in technology?
A. suppliers offering a larger quantity than before at each given price.
B. suppliers offering the same quantity as before at a lower price.
C. a leftward shift of the supply curve.
D. an increase in supply.
Answer: C
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For most of World War II, the United States economy temporarily operated ____________ the production possibilities frontier.
Fill in the blank(s) with the appropriate word(s).
The difference between price elasticity of demand and income elasticity of demand is that
A) income elasticity of demand examines how an individual's income changes when prices change and the price elasticity of demand examines how quantity demand changes when price changes. B) income elasticity refers to the movement along the demand curve while price elasticity refers to a horizontal shift of the demand curve. C) income elasticity measures the responsiveness of income to changes in supply while price elasticity of demand measures the responsiveness of demand to a change in price. D) income elasticity refers to a horizontal shift of the demand curve while price elasticity of demand refers to a movement along the demand curve.
The school of thought that emphasizes the possibility that an economy can be in equilibrium at less than full employment with inflation and argues that by managing aggregate demand, government can achieve the most acceptable combination of unemployment and inflation is the
a. Keynesian b. neo-Keynesian c. monetarist d. supply-side school e. rational expectations school
The protectionist view
a. argues that nations should protect their borders from transboundary pollution b. believes that trade can create unfair competition or lose jobs to other nations c. supports environmental policy only if it protects domestic jobs d. ignores environmental issues, focusing only on the effects of trade on competition and employment