In 1976, President Ford Had a Slip of Tongue When

question 4

Multiple Choice

In 1976, President Ford had a slip of tongue when he erroneously implied

• A) that inflation was low.
• B) that budget deficit was not growing.
• C) that Poland was not part of the Soviet bloc.
• D) that Congress was not controlled by Democrats.
• E) that Reagan was the Governor of Texas.

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Definitions:

Marginal Product

The additional output a firm gains from employing one additional unit of a factor, such as labor or capital, holding other factors constant.

Labor Intensive

A term used to describe a process or industry that requires a large amount of manual labor relative to capital investment.

Alternative Technologies

Different or new technologies that provide an alternative way of solving problems or completing tasks, often with the aim of improving efficiency or environmental sustainability.

Marginal Product

The extra output, or increase in production, that results from adding one more unit of a specific input, while other inputs are kept constant.