If the rate of technological change increases, the result will be that
a. the growth rate of productivity will decrease and firms' profits will increase
b. the growth rate of productivity will increase and firms' profits will decrease
c. most individuals will likely lose their jobs due to lack of skills
d. the growth rate of productivity will increase and living standards will increase
e. firms' profits will increase and living standards will decrease
D
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In the Keynesian theory of money demand,
a. the velocity of money is constant. b. the marginal propensity to hold money is constant. c. money is held in part because it is an asset. d. interest rates are fixed. e. none of the above.
The assumption that individuals act rationally implies that
a. people think only of themselves and disregard the well-being of others b. people undertake all those activities that yield benefits to themselves c. people only consider the costs of an activity to decide whether it is worthwhile d. the greater the cost of a charitable deed to a benefactor, the more likely he or she is to perform that deed e. people implicitly calculate the costs and benefits of an activity to decide if it is worthwhile