Does history suggest that most technological progress is labor-saving or labor-augmenting?
History suggests that most technological progress is labor-augmenting.
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A consumer chooses an optimal consumption point where the
a. marginal rate of substitution is maximized. b. rate at which the consumer is willing to trade one good for another equals the price ratio. c. price ratio is minimized. d. All of the above are correct.
The reason economists consider monopoly to be socially undesirable is that monopolists:
A. produce less than the socially optimal level of output. B. earn too much economic profit. C. can charge any price they want. D. exploit the inelastic nature of demand.
Fiscal policy is the use of taxes and spending by the government to affect aggregate demand.
Answer the following statement true (T) or false (F)
The long-run average cost curve
A) is always a downward sloping straight line. B) is a curve which is tangent to each member of a set of short-run average cost curves. C) is identical to the marginal cost curve. D) should always be horizontal.