Which of the following is true?
a. Cost-reducing automated production techniques will expand output directly and/or release scarce resources for the expansion of output in other areas.
b. Automated production processes are generally adopted regardless of whether they reduce costs.
c. Use of the most advanced technology will always minimize the cost of a productive activity.
d. Automated production processes eliminate jobs and, thereby, endanger our future living standards.
a. Cost-reducing automated production techniques will expand output directly and/or release scarce resources for the expansion of output in other areas.
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The number of units of developing country currency required to purchase a basket of goods and services in a developing country that costs one dollar in the U.S. is given by
a. GNI price deflator. b. Human Development Index ranking. c. purchasing power parity. d. the exchange rate.
If two economists disagree on an issue and their disagreement is based on personal value judgments, then this controversy is a normative one
a. True b. False