An event that allows the economy to operate more efficiently by producing more outputs without using any more inputs is referred to as
A) technological progress. B) absolute progress.
C) efficiency progress. D) capital investment.
A
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An electrician quits her current job, which pays $40,000 per year. She can take a job with another firm for $45,000 per year or work for herself. The opportunity cost of working for herself is
A) $5,000. B) $40,000. C) $45,000. D) $85,000.
Technological progress has made it possible for firms such as Apple and Alivecor to develop small electronic devices, including smartwatches, smartphones, and products that can be attached to the smartwatches and smartphones, to serve consumers who
have become more health conscious and wish to monitor various health conditions. These firms are reacting to which of the three key economic ideas? A) people are rational B) people respond to economic incentives C) firms attempt to maximize revenues D) optimal decisions are made at the margin
If a household is credit rationed, the MPC out of current disposable income is ________ compared to the MPC out of current disposable income if a household is not credit rationed
A) higher B) lower C) the same D) negative
If the wage rate in a monopsonistic industry is $15, the marginal factor cost will be:
a. $0. b. $1. c. $15. d. greater than $15. e. less than $15.