Advances in computing power is an example of:
A) labor-saving technological changes.
B) skill-biased technological changes.
C) unskilled-biased technological changes.
D) labor-complementary technological changes.
B
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When the total product curve is drawn in a figure that measures employment along the horizontal axis, it is a graph that shows the
A) minimum cost of producing a given amount of output using different techniques. B) maximum profit attainable for each unit of output sold per unit of labor employed. C) maximum output attainable for each quantity of labor employed. D) minimum output attainable for each quantity of labor employed.
China's economic reforms have focused on
A) privatizing state-owned enterprises and increasing efficiency. B) reducing persistent inflation and current account deficits. C) transitioning from socialism and toward private ownership. D) reducing exchange rate instability.