Technology is best defined as
A) society's pool of applied knowledge concerning the production of goods and services.
B) the maximum output that can be obtained from a stock of physical capital.
C) output inside the production possibilities curve.
D) the utilization of more resources for the same amount of production.
A
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Because the productivity of labor decreases as the quantity of labor employed increases
A) the quantity of labor a firm demands increases as the real wage rate decreases. B) the quantity of labor a firm demands increases as the money wage rate decreases. C) the labor demand curve shifts right as the real wage rate decreases. D) the aggregate production function shifts upward as the real wage rate decreases.
The money market model is concerned with ________ and the loanable funds market model is concerned with ________
A) short-term nominal interest rates; long-term real interest rates B) short-term nominal interest rates; long-term nominal interest rates C) short-term real interest rates; long-term nominal interest rates D) short-term real interest rates; long-term real interest rates
Consider monopoly, monopolistic competition, and perfect competition. In which of these three market structures does a profit-maximizing firm charge a price that exceeds marginal cost?
a. monopoly only b. monopoly and monopolistic competition only c. monopoly, monopolistic competition, and perfect competition d. The answer cannot be determined without knowing whether the market is in the long run or short run.
Which of the following would contribute to a positive trade balance for a country?
A) having tourists visit the country B) importing textiles C) having foreign residents buy the government bonds of the country D) importing financial services