Technological advances make it possible to
A) produce goods without using any resources.
B) obtain the same output by using more resources.
C) obtain the same output by using fewer resources.
D) lower labor productivity.
C
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How do automatic stabilizers work to mitigate fluctuations in the level of economic activity?
What will be an ideal response?
Over the last 50 years, how has
a. the labor force participation rate changed? b. the men's and women's labor force participation rates changed?
Japan and China can both produce guns and rice. The country with the lowest opportunity cost of guns (in terms of rice) will a. import guns
b. have a comparative advantage in guns. c. have an absolute advantage in guns. d. have a comparative advantage in rice.
Assume that a firm has measured demand carefully and thinks that the following table accurately displays this. The total cost has been measured and can be given as TC = 20 + Q + Q2, where Q is the level of output. Complete the table and determine the profit-maximizing level of output. OutputTotal RevenueTotal CostProfit1$ 90__________ 2160__________ 3210__________ 4240__________ 5250__________ 6240__________ 7210__________ 8160__________ 9 90__________ 10 0__________
What will be an ideal response?