Which of the following is an example of technological progress?
A. an increase in corn output resulting from genetic engineering
B. the invention of the air conditioner
C. the invention of LCD televisions
D. All of these
Answer: D
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Explain the concepts of consumer surplus, producer surplus, and cooperative surplus
What will be an ideal response?
In the unemployment rate, part-time workers are: a. not included in the labor force
b. included in the labor force, but counted as unemployed. c. treated the same way as discouraged workers. d. included in the labor force and counted as employed.
Which of the following is a predictable side effect of increased government activity (for example, taxes and subsidies) designed to redistribute income among citizens?
a. improvement in the operational efficiency of government agencies b. budget surpluses c. reduction in the poverty rate d. an increase in rent-seeking activity
The Taylor rule predicted a federal funds rate which was ________ that set when Paul Volcker was chairman of the Fed, and a rate which was ________ that set when Arthur Burns chaired the Fed
A) greater than; equal to B) greater than; less than C) less than; equal to D) less than; greater than