In 1911, the Standard Oil Trust was ______.
a. bought by U.S. Steel
b. broken up by the Sherman Antitrust Act
c. merged with the American Tobacco Company
d. seized by the government under the Clayton Act
b. broken up by the Sherman Antitrust Act
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Why do very small differences in annual growth rates amount to big differences in the degree of long-term economic growth?
A) because the slower-growing countries save too much B) because the annual growth rate is compounded over time C) because the faster-growing countries gain a political advantage over poorer countries, and use that advantage for their economic gain D) because the slower-growing countries don't export enough
Robert is a doctor who earns an average hourly wage of $80. His wife is a teacher and earns an average hourly wage of $35. His daughter works in her college library and earns $12 per hour while his son is a lawyer and earns $60 per hour
If one of them must stay back at the house on a working day to look after their ailing pet, who can do it at the lowest opportunity cost? A) His son B) Robert C) His wife D) His daughter Mike and John work as waiters in a restaurant. Mike can efficiently wait on 10 customers per hour while John can efficiently wait on 7 customers per hour. The restaurant also has a bar. If both of them work as bartenders, Mike is able to serve 9 customers per hour while John is able to serve 10 customers per hour.
When the fox is guarding the henhouse, that is an example of the
A) share-the-gains, share-the-pains theory. B) regulatory hypothesis. C) capture hypothesis. D) creative theory.
Fiat money has value because it
A. is backed by gold. B. can be used to buy goods and services. C. can be exchanged for precious metals at a fixed price. D. can be divided into smaller units. E. All of these responses are correct.