Which of the following explains the ability of the U.S. economy to avoid diminishing marginal returns and experience accelerating growth in the early to mid-20th century?
A) immigration
B) additions of a greater amount of capital of the same quality
C) a decrease in the quality of labor
D) continuing technological change
D
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According to the long-run Phillips curve, which of the following is true?
(a) Unemployment increases with an increase in inflation (b) Unemployment decreases with an increase in inflation (c) Increased automation will lead to lower levels of structural unemployment in the long run (d) Changes in the composition of the overall demand for labor tend to be deflationary in the long run (e) The natural rate of unemployment is independent of monetary and fiscal policy changes that affect aggregate demand
If actual inflation is less than expected inflation, what is the relationship between the actual real wage and the expected real wage?
A) The actual real wage is higher than the expected real wage. B) The actual real wage is lower than the expected real wage. C) The actual real wage is equal to the expected real wage. D) The relationship between the actual real wage and the expected real wage cannot be predicted.