Which of the following would shift the production function upward?
A. an increase in the price of oil
B. an improvement in technology
C. a decrease in the supply of labor
D. a decline in the birth rate
Ans: B. an improvement in technology
Economics
You might also like to view...
Which of the following best describes an externality?
A) something that is external to the economy B) a sales tax on a good in addition to the market price C) an effect of a transaction felt by someone other than the buyer or seller D) anything produced in other countries E) a change from what is normal
Economics
The federal income tax began in the United States with the
a. Morrill Act of 1862. b. addition of the Bill of Rights to the Constitution in 1791. c. passage of the 16th Amendment to the Constitution in 1913. d. New Deal legislation of the 1930s.
Economics