Choose the letter below that best represents the type of shift that would occur in the following situation in the United States: A technological breakthrough significantly reduces the cost of computerizing production lines. (See Figure 8.6.)
A. A.
B. B.
C. C.
D. D.
Answer: B
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The aging of the labor force in the United States is likely to ________ the natural rate of unemployment; an increase in the efficiency of the labor market is likely to ________ the natural rate of unemployment.
A. increase; decrease B. decrease; decrease C. decrease; increase D. increase; increase
Gold would be a superior commodity money compared to wheat because:
A. it is easier to divide wheat into small units. B. wheat has more practical uses than gold. C. wheat is perishable. D. wheat has a high value relative to weight, which gold does not.
A unit tax of $1 will always
A) shift the supply curve upward by more than $1. B) shift the supply curve upward by less than $1. C) shift the supply curve up by exactly $1. D) leave the supply curve unchanged.
Monetary policy refers to:
A. policy directed toward increasing exports and reducing imports. B. the determination of the nation's money supply. C. government policies aimed at changing the underlying structure or institutions of the economy. D. decisions to determine the government's budget.