Which of the following best describes the impact of technological change on labor?
a. Technology causes unemployment in the short run and lower incomes in the long run
b. Technology causes unemployment in the short run and higher incomes in the long run.
c. Technology causes unemployment in the long run and higher incomes in the short run.
d. Technology causes unemployment in the long run and lower incomes in the short run.
e. Technology causes unemployment and lower incomes in both the long run and the short run.
b
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Bolivia's government attempted to solve some of its problems with inequality of outcomes due to foreign investment in its natural gas resources by:
a. taxing international firms. b. insisting that the firms pay higher wages to workers in the industry. c. shutting down the firms in the wake of protests. d. nationalizing the firms by reclaiming 51% ownership and raising taxes on foreign profits.
The above table gives information for the nation of North Hampton. There are no imports to or exports from North Hampton
a. Find aggregate planned expenditure for each level of real GDP. b. What is the equilibrium level of real GDP?