Explain the different dimensions of technological progress
What will be an ideal response?
There are several dimensions of technological progress: more output for a given amount of inputs, better products, new products, a larger variety of products.
Economics
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When a rent ceiling is ________, consumer surplus and producer surplus shrink, a deadweight loss ________, and resources are lost in search activity and evading the rent ceiling law
A) inefficient; arises B) inefficient; disappears C) efficient; arises D) efficient; disappears E) nonexistent; arises
Economics
How does a reduction in the money supply by the Fed make owning stocks less attractive?
Economics