It took several decades for advances in computer technology to have a significant impact on the economy. This illustrates the fact that
A. technologies cannot have an impact until government regulation catches up.
B. people are initially irrationally suspicious of new technology and refuse to accept it until some time has passed.
C. technologies need to mature before they reach the point where they can have an impact.
D. new technology is not really needed; it tends to be a way for retailers to boost sales by selling people things they do not really need.
Answer: C
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Under perfect competition, a firm’s
A. demand curve and average revenue curve are identical, but the marginal revenue curve is different. B. demand curve is different, but the average revenue curve and the marginal revenue curve are identical. C. demand curve, average revenue curve and marginal revenue curve are identical. D. none of these are true.
In the above figure, which point represents a situation with significant shortages of labor, capital, and other resources?
A) point F B) point G C) point I D) point K
According to classical economists, the only motive for demanding money is
a. to transact business activity b. the precautionary demand for money c. to speculate d. hold M1 e. as insurance against unexpected needs
Someone notices that sunspot activity is high just prior to recessions and concludes that sunspots cause recessions. This person has
a. confused association and causation. b. misunderstood the ceteris paribus assumption. c. used normative economics to answer a positive question. d. built an untestable model.