A Luddite is:
A. a fictional character from American folk history.
B. a worker whose real wage rises as a result of globalization.
C. a consumer who refuses to buy imported goods, even if they are cheaper.
D. someone who opposes the introduction of new technologies.
Answer: D
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The period of 1973 to 1980 can best be described as a time of
A. deflation. B. reflation. C. unflation. D. stagflation. E. disflation.
In the short run, a firm's output level is 5 units. Its average cost is $40 and its fixed cost is $50. What is this firm's variable cost of producing 5 units?
A) VC = $50 B) VC = $100 C) VC = $150 D) VC = $175
The short-run tradeoff between the unemployment rate and the inflation rate shown by the Phillips curve is represented in the AS-AD model by
A) rightward shifts of the aggregate supply curve. B) the downward-sloping aggregate demand curve. C) the upward-sloping aggregate supply curve. D) the vertical potential GDP line. E) leftward shifts of the aggregate supply curve.
The objects we use as money today include
A) currency inside banks and bank deposits. B) currency outside the banks and bank deposits. C) only currency outside the banks. D) only deposits inside the banks. E) credit cards and debit cards.