Everything else equal, technological change will typically
a. move the economy along a fixed production function, increasing both productivity and output
b. move the economy along a fixed production function, increasing output but lowering productivity
c. cause the production function to shift upward, increasing both output and productivity
d. cause the production function to shift upward, increasing output but lowering productivity
e. cause the production function to shift upward, increasing output but leaving productivity unchanged
C
You might also like to view...
Which of the following applies to the tragedy of the commons? I. In the absence of government action, there is an absence of incentives to prevent the overuse of the common resource. II
When consumers take account of the marginal social benefit and marginal social cost, overuse of the resource occurs. III. Even with government action, it is impossible for an efficient level of output to be achieved. A) I only B) I and II C) II and III D) I, II and III
An industrial union is
A) a union composed of public employees. B) a union composed of workers who are in a specific geographic area. C) a union composed of workers who are employed in a particular industry. D) a union composed of workers who engage in a particular trade or skill.