If technological change occurs in the economy
A) we will move up along the long-run aggregate supply curve.
B) we will move down along the long-run aggregate supply curve.
C) the long-run aggregate supply curve will shift to the right.
D) the long-run aggregate supply curve will shift to the left.
C
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Refer to the figure above. What is the equilibrium quantity of labor hired by the firm when the wage rate is $6 per hour?
A) 10 hours B) 30 hours C) 60 hours D) 90 hours
GDP is measured in terms of market value because:
a. Actually, GDP is not measured as a market value. GNP measures market values. b. Otherwise, it would be impossible to combine all the heterogeneous goods and services consumed in a nation. c. Otherwise, it would be impossible to combine all the heterogeneous goods and services produced in a nation. d. Otherwise, it would be impossible to combine domestically produced goods and services with foreign goods and services consumed by the public. e. Otherwise, it would be impossible to separate the domestically produced goods and services from foreign goods and services consumed by the public.