Historically, technology has:
A. worsened and the demand for labor has increased as output has decreased.
B. improved and the demand for labor has decreased as output has increased.
C. worsened and the demand for labor has decreased as output has decreased.
D. improved and the demand for labor has increased as output has increased.
Answer: D
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The Bureau of Economic Analysis releases its estimate for GDP before it releases its estimate for GDI
A) only for the first quarter of the year. B) only for the first two quarters of the year. C) only for the fist three quarters of the year. D) for all four quarters of the year.
Is the following quotation consistent with the theory of consumer behavior? “The yield on time spent working increases as the result of economic growth. Productivity per hour rises. This means that the time allocation which has represented
equilibrium at our previous income level is disrupted. The yield on time devoted to other activities must also be raised. We are aware that time in production becomes increasingly scarce with economic growth. What we will now claim in addition to this is that changes in the use of time will occur, so that the yield on time in all other activities is brought into parity with the yield on working time. In other words, economic growth entails a general increase in the scarcity of time.” (From: Staff an Tinder, The Harried Leisure Class) Please provide the best answer for the statement.