Suppose an economy experiences an increase in technological progress. This increase in technological progress will
A) allow more output to be produced with the same number of workers.
B) allow the same amount of output to be produced with fewer workers.
C) lead to changes in the types of goods produced.
D) all of the above
E) none of the above
D
You might also like to view...
A decrease in the price of a complement shifts the demand curve to the
a. right b. left c. it does not change the demand curve d. none of the above
Suppose a man and a woman are in love and care for the other's happiness as well as their own consumption. Suppose the man is more selfish than the woman UM = CM2/3 UW1/3 UW = CW1/2 UM1/2 They will maximize the joint happiness (UM + UW) where
a. CM = 100; CW = 0 b. CW = 100; CM = 100 c. 50 < CM < 100; 0 < CW < 50 d. 50 < CW < 100; 0 < CM < 50
Use the following general linear supply function:Qs = 40 + 6P - 8PI + 10F where Qs is the quantity supplied of the good, P is the price of the good, PI is the price of an input, and F is the number of firms producing the good. Suppose PI = $40 and F = 50, what is the lowest price that will induce firms to supply 400 units of output?
A. $25 B. $20 C. $30 D. $15 E. $35
An increase in the price of product B resulted in an increase in the demand for product C. This indicates that products B and C are:
a. Normal goods b. Complementary goods c. Inferior goods d. Substitute goods