Microeconomics

The implementation of the assembly line is an example of how A) chang

The implementation of the assembly line is an example of how A) changes in the organization of production improve productivity. B) neutral technical change improves productivity. C) non-neutral technical change can decrease productivity. D) labor saving technical change increases economy-wide unemployment.   ANSWER A  

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Date: September 9th, 2020

Technical and organizational change A) typically reduces prices by in

Technical and organizational change A) typically reduces prices by increasing the supply of the product, ceteris paribus. B) typically reduces prices by decreasing the demand for the product, ceteris paribus. C) typically increases prices by increasing the demand for the product, ceteris paribus. D) typically increases prices by decreasing the supply for the product, ceteris […]

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Date: September 9th, 2020

Economic efficiency entails A) producing a given amount of output wit

Economic efficiency entails A) producing a given amount of output with the most expensive mix of inputs. B) producing a given amount of output with the least number of inputs. C) producing a given amount of output with the most inputs. D) producing a given amount of output with the cheapest mix of inputs.   […]

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Date: September 9th, 2020

The general equilibrium analysis of a minimum wage applied to only som

The general equilibrium analysis of a minimum wage applied to only some sectors of the economy suggests that A) workers in all sectors will face increased wages. B) some workers in the covered sectors will lose their jobs and remain unemployed. C) some workers originally employed in the covered sectors will move to the uncovered […]

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Date: September 9th, 2020

General equilibrium analysis is the study of A) how an equilibrium is

General equilibrium analysis is the study of A) how an equilibrium is determined in all markets simultaneously. B) how an equilibrium is determined in all closely related markets. C) the effects of a change in a market, and all spillover effects in all related markets. D) Any of the above.   ANSWER D  

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Date: September 9th, 2020