Suppose that an Intel worker rearranges existing machines and labor and increases the quantity of chips Intel can produce. Using the productivity curve graphed, this innovation would be described as
A) a movement upward along the curve.
B) a movement downward along the curve.
C) a shift of the curve upward.
D) a shift of the curve downward.
E) no change to the productivity curve.
C
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International trade can have important effects on the distribution of income because
A) some resources are immobile in the short run. B) of government corruption. C) the more powerful country dictates the terms of trade. D) rich countries take advantage of poor countries. E) different countries use different currencies.
Rules used to predict movements in stock prices based on past patterns are, according to the efficient markets hypothesis
A) a waste of time. B) profitably employed by all financial analysts. C) the most efficient rules to employ. D) consistent with the random walk hypothesis.