In response to an increase in technology, we would expect
a. both the short run and long run Phillips curve to shift to the right.
b. both the short run and long run Phillips curve to shift to the left.
c. the long run Phillips curve remains unchanged while the short run Phillips curve shifts to the right.
d. the short run Phillips curve remains unchanged while the long run Phillips curve shifts to the right.
e. none of the above.
A
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The value of marginal product (VMP) of labor is the extra revenue generated by
A) selling one additional unit of output. B) raising the price of the good by one dollar. C) hiring one additional unit of labor. D) price discrimination.
Forest lives in complete isolation in Montana. He is self-sufficient and feeds himself through hunting, fishing, and farming. Which of the following statements about Forest is true?
A. Forest doesn't have to consider costs and benefits. B. Forest has to make trade-offs. C. Forest has unlimited resources. D. Forest is not required to make trade-offs because he is self-sufficient.