Technological advancement implies:
a. the increase in the quantity of inputs needed to produce a given quantity of output.
b. the reduction in the quantity of inputs needed to produce a given quantity of output.
c. the reduction in the productivity of a sector of the economy that has become obsolete.
d. an increase in the labor to capital ratio in any production process.
e. the growth in the natural resource endowment.
b
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A firm will shut down in the short run if
A) total fixed costs are too high. B) total revenue from operating would not cover all costs. C) total revenue from operating would not cover variable costs. D) total revenue from operating would not cover fixed costs.
A failure in coordination between workers and employers is most likely to cause an expansionary gap
a. True b. False Indicate whether the statement is true or false