A major problem that may occur with models that predict the values of economic variables in the future is that
a. researchers are pessimistic about the future.
b. the model may fail to acknowledge that economic actors will change their behavior in response to changing situations.
c. the model may make predictions that conflict with widely held opinions.
d. no one cares about these predictions.
b
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Which of the following is true?
a. Automated production processes are generally adopted regardless of whether they reduce costs. b. Automated production processes eliminate jobs and, thereby, endanger our future living standards. c. Cost-reducing automated production techniques will expand output directly and/or release scarce resources for the expansion of output in other areas. d. Use of the most advanced technology will always minimize the cost of a productive activity.
Ethyl does not like redheads and refuses to hire any at her business. Paul was the perfect job candidate on paper, but the personal interview revealed that he was a redhead. Are there any costs to Ethyl for not hiring Paul?