Which of the following is true of an improvement in technology?
a. An improvement in technology shifts the per-worker production upward.
b. An improvement in technology shifts the per-worker production downward.
c. An improvement in technology increases the concavity of the production possibilities frontier.
d. An improvement in technology decreases the concavity of the production possibilities frontier.
e. An improvement in technology increases the quantity of input in the production process.
QUESTION 2The landmark antitrust case which established that size alone can be an antitrust violation is the:
a. U.S. Steel case.
b. Brown Shoe case.
c. Von's Grocery case.
d. ALCOA case.
e. Pabst Brewing case.
QUESTION 3Which of the following is most critical for the maintenance of an efficient and productive economy?
a. Money backed by gold or silver
b. Steadily rising prices
c. An unlimited and unregulated supply of money
d. A properly functioning monetary system
e. A well-organized barter system
QUESTION 4According to Simon Kuznets, which of the following is likely to induce economic growth in the automobile industry of a country?
a. An increase in the amount of labor used in the industry
b. A government subsidy for automobile production
c. An increase in the import of spare parts for the engines
d. An increase in the number of paint bays per factory
e. The replacement of manual assembly lines with robots
QUESTION 5The landmark antitrust case which established that size alone is not sufficient to prove an antitrust violation is the:
a. U.S. Steel case.
b. Brown Shoe case.
c. Von's Grocery case.
d. ALCOA case.
e. Pabst Brewing case.
QUESTION 6Which of the following is associated with the problem of hyperinflation?
a. Money is in short supply.
b. The value of money rises dramatically.
c. The government runs out of money.
d. People look for alternatives to using money.
e. People start to hold on to money for long periods of time.
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