In the Case of the Production of Electronic Calculators, Introduced

question 184

Multiple Choice

In the case of the production of electronic calculators, introduced in the United States in the 1960s,

• A)a technological breakthrough reduced the input quantities needed to produce them.
• B)quantity demanded increased significantly as prices fell.
• C)production costs fell with advances in technology.
• D)All of the above are correct.

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Definitions:

Inflation

The tempo of growth in global prices for products and services, diluting consumer spending ability.

World Price of Oil

The universally recognized current price at which a barrel of oil can be bought or sold for immediate delivery across global markets.

Aggregate-supply Curve

A curve showing the total quantity of goods and services that producers in an economy are willing to supply at various price levels.

Phillips Curve

A concept in economics that demonstrates an inverse relationship between the rate of unemployment and the rate of inflation.