Technological progress generally has the effect of
a. creating permanently higher levels of unemployment.
b. freeing resources that can now go to other uses.
c. lowering the national standard of living.
d. doing all of the above.
B
Economics
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When firms exit a perfectly competitive industry, the market supply curve shifts to the left
Indicate whether the statement is true or false
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Taxes reduce total spending
a. directly by increasing government purchases by an equal amount. b. directly by substituting investment spending. c. indirectly by reducing government spending. d. indirectly by reducing disposable income.
Economics