When a firm experiences a positive technological change
A) the price of a share of the firm's stock rises.
B) the firm is able to produce more output using the same inputs, or the same output using fewer inputs.
C) the firm will hire additional workers in order to increase production.
D) the value of the firm's assets rises.
B
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During the 1970's, U.S. inflation averaged 7% each year and real GDP increased. Holding velocity constant and using the quantity equation, we conclude that
a. money growth must have been greater than the growth of real income. b. money growth must have been less than the growth of real income. c. prices fell during the 1970's. d. output fell during the 1970's.
“Those most able should pay the highest taxes” reflects the
A. ability-to-pay principle. B. concept of horizontal equity. C. idea of fiscal federalism. D. benefits principle.