Other things remaining the same, which of the following is likely to happen if an industry introduces labor-saving technology in production?
A) There will be a decrease in both the wage rate and the employment levels in the industry.
B) There will be a rise in both the wage rate and the employment levels in the industry.
C) There will be a rise in the wage rate and a decrease in the employment levels in the industry.
D) There will be a decrease in the wage rate and a rise in the employment levels in the industry.
A
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Economists who favor policy activism argue that the United States economy is NOT always in equilibrium because
A) wage and price rigidities exist. B) the markets are over regulated. C) the Federal Reserve's monetary policy is too restrictive. D) the national debt is too large.
The quantity of real GDP produced by one hour of labor is defined as
A) the advance in technology. B) economic growth. C) the growth rate of technology. D) real GDP per person. E) labor productivity.
________ increases the size of the money multiplier
A) An open market sale of government securities by the Fed B) An increase in the currency drain ratio C) A reduction in the desired reserve ratio D) An open market purchase of government securities by the Fed E) An increase in the size of open market operations
Total expenditure by a buyer is equal to the
A. slope at any point along the demand curve. B. price times quantity demanded at any point along the demand curve. C. elasticity times price at any point along the demand curve. D. elasticity times quantity demanded at any point along the demand curve.