Technological advances that increase the skill requirements for many jobs will tend to
a. make it more challenging for individuals to migrate from low-paying jobs to high-paying jobs
b. make it easier for individuals to migrate low-paying jobs to high-paying jobs
c. have no impact on the ease of migrating from low-paying jobs to high-paying jobs
d. contribute to a more equal distribution of income
e. have no impact on the distribution of income
A
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Suppose the Organization of Petroleum Exporting Countries (OPEC) sharply increased the price of oil, which triggered higher inflation rates in the United States. This type of inflation is best classified as:
a. pseudo-inflation. b. demand-pull inflation. c. cost-push inflation. d. hyperinflation.
When graphing the consumption function, we include a 45-degree reference line. What is TRUE at the points at which the consumption function crosses this line?
A. Planned real consumption spending is zero. B. Planned real saving is zero. C. Real disposable income is zero. D. Real GDP is zero.