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90. We often think of technology and labor as substitutes for each other, but technology can lead to the hiring of more labor if it: a.decreases the average total cost of production. b.decreases the compensating differential. c. increases the marginal product of labor. d.increases the opportunity cost of labor.

90. We often think of technology and labor as substitutes for each other, but technology can lead to the hiring of more labor if it: a.decreases the average total cost of production. b.decreases the compensating differential. c. increases the marginal product of labor. d.increases the opportunity cost of labor.

Microeconomics: Private and Public Choice (MindTap Course List)
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
ChapterST4: Keynes And Hayek: Contrasting Views On Sound Economics And The Role Of Government
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90. We often think of technology and labor as substitutes for each other, but technology can lead to the hiring of more labor if it: a.decreases the average total cost of production. b.decreases the compensating differential. c. increases the marginal product of labor. d.increases the opportunity cost of labor.
Transcribed Image Text:90. We often think of technology and labor as substitutes for each other, but technology can lead to the hiring of more labor if it: a.decreases the average total cost of production. b.decreases the compensating differential. c. increases the marginal product of labor. d.increases the opportunity cost of labor.
88. Ignorance about political matters is important for the economy for each of the following reasons, EXCEPT: a.ignorance makes it easier for special interest groups to affect government policy outcomes. b.ignorance makes it difficult for voters to make informed economic decisions. C. rationally ignorant voters tend to make economic decisions on the basis of poor or biased information. d.everyone is rationally ignorant, so no one in society will make appropriate economic decisions. 89. The fall of the Roman Empire was partially attributable to: a.low taxes, low government spending, and unregulated markets. b.high taxes which were used to finance projects with benefits that were less than their costs. C. an overreliance on private property. d.debtors who successfully petitioned Roman senators for deflation.
Transcribed Image Text:88. Ignorance about political matters is important for the economy for each of the following reasons, EXCEPT: a.ignorance makes it easier for special interest groups to affect government policy outcomes. b.ignorance makes it difficult for voters to make informed economic decisions. C. rationally ignorant voters tend to make economic decisions on the basis of poor or biased information. d.everyone is rationally ignorant, so no one in society will make appropriate economic decisions. 89. The fall of the Roman Empire was partially attributable to: a.low taxes, low government spending, and unregulated markets. b.high taxes which were used to finance projects with benefits that were less than their costs. C. an overreliance on private property. d.debtors who successfully petitioned Roman senators for deflation.
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