In the long run, changing technology on average has led to:
a. lower employment and lower wage rates
b. higher employment and lower wage rates.
c. lower employment with wage rates unchanged.
d. higher employment with wage rates unchanged.
e. higher incomes and more leisure time.
e
You might also like to view...
The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is set at $400, there is
A) a shortage of 4,000 units of rental housing. B) a shortage of 2,000 units of rental housing. C) a surplus of 3,000 units of rental housing. D) neither a shortage nor a surplus of rental housing.
Refer to Figure 28-9. A follower of the new classical macroeconomics would argue that ________ like that pursued by Paul Volcker in 1979, would result in a movement from C to A
A) expansionary fiscal policy B) contractionary monetary policy C) contractionary fiscal policy D) expansionary monetary policy