A breakthrough in technology is most likely to:
a. reduce the labor needed to produce a given amount of output.
b. decrease the demand for all goods and services in a country.
c. increase the cost of production for a firm
d. reduce the availability of skilled workers.
e. lower the standard of living in a country in the long run.
a
Economics
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Suppose a person calculates her permanent income by adaptive expectations. Last year's permanent income was 38,000, this year's actual income is 41,000, j = 0.30, and k = 0.86. What is her consumption expenditure this year?
A) 30,422 B) 12,174 C) 40,226 D) 38,774 E) 33,454
Economics
A member in a cartel can earn more profits by
A) charging a slightly lower price and raising production. B) producing less than the agreed rate. C) selling less than the agreed amount. D) none of the above.
Economics