Which of the following causes the aggregate production function to shift up?
A) An increase in capital stock
B) A decrease in the productivity of workers
C) An increase in the total efficiency units of labor
D) An improvement in technology
Answer: D) An improvement in technology
You might also like to view...
Which of the following is not considered to be a determinant of the price elasticity of demand for a particular good?
A) The number of available substitutes. B) The cost of the good relative to total income. C) The quantity of the good that is supplied to the market. D) The time period under consideration.
Antitrust laws attempt to promote competition by controlling
a. market structure only b. market conduct only c. market structure and performance d. market structure and conduct e. market structure, conduct, and performance
Suppose a monopsonist wants to hire more workers. If it has to pay the same wage to all of its workers, the:
a. marginal factor cost will fall while the wage will rise. b. wage will fall while the marginal factor cost will rise. c. difference between the wage and marginal factor cost will become smaller. d. difference between the wage and the labor supply curve will increase. e. wage and the marginal factor cost will increase.
An inflation rate that exceeds 50 percent per month is referred to as:
A. anticipated inflation. B. destructive deflation. C. hyperinflation. D. superflation.