What is meant by technological change? How does it affect labor productivity? Give an example.
Answer to relevant QuestionsWhat is meant by efficiency gains? How does it affect labor productivity? Give an example. What are the principal components of M1 and M2 money? Explain why Canada gets by without a legal reserve requirement. Suppose the Federal Reserve raised the reserve requirement to 50 percent. Show how that would affect the value of money creation through the first 5 stages of deposit and loan in practice problem 1. How did the Fed and government respond to the bank crash of 2007?
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