Posted: August 30th, 2016

If labor is displaced by technology?

he most important reason for branding is to make a product
a more appealing to the consumer
b relatively more demand elastic
c distinguishable from competing products only
d relatively demand inelastic
14 Keynesian economics favors government spending and is
a a classical economics concept in nature
b essentially not an economic concept
c a part of fiscal policy
d a part of monetary policy
15 In fiscal policy
a the Fed chairman usually recommends policy choices to the government
b the President and the Congress play key roles
c interest rates are not affected by the policy
d deficits are unimportant
16 Economics is mainly about
a efficiency only
b resource allocation
c how to best use money
d deciding who is affected by taxation
17 Economics is
a the science of who gets what and how
b allocation of scarce resources among alternative uses
c authoritative allocation of scarce resources and values
d how totality of a system functions with respect to land, labor and capital
18 Equilibrium price is established when
a Marginal Cost is equal to Average Cost
b Average Revenue is equal to demand
c supply and demand curves intersect
d Marginal Revenue is greater than Marginal Cost
19 Tariffs are
a an import tax
b a restriction on the amount of imports of a foreign good
c Only applied to strategic goods
d none of the above
20 If labor is displaced by technology
a the displaced workers would not be able to find jobs again
b The displaced workers are better off going to a different sector of the economy
c productivity of the firm will be diminished
d re training would be a reasonable strategy for the workers to find new jobs

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