Which statement is false?
A. Looking at our trading pattern with Japan, one might reach the conclusion that we were an economic colony of Japan.
B. Until the 1990s, the United States was the prime exporter of consumer electronics products, such as TVs, cameras and DVD players.
C. In 1984 U.S. trade deficits first passed the $100 billion mark.
D. The last year the U.S. ran a trade surplus was 1975.
B. Until the 1990s, the United States was the prime exporter of consumer electronics products, such as TVs, cameras and DVD players.
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All of the following statements provide evidence in support of the Beard-Hacker Thesis except:
a. The Civil War caused a transfer of political power from Southern agrarians to Northern industrial capitalists. b. Following secession, Congress passed legislation to increase tariffs and grant land to railroads. c. The Civil War created a demand stimulus for manufactured goods to support the war effort. d. The growth rate in commodity output between 1860 and 1870 was 2.0 percent for the economy as a whole and 2.3 percent for the manufacturing sector.
Because firms in an oligopoly are interdependent, they attempt to maximize revenues rather than profits
a. True b. False
One baker can bake 15 pies in a day. Two bakers can bake 35 pies in a day. If the marginal revenue product of hiring the second baker is $200, then in a perfectly competitive product market
a. each pie sells for $10. b. there are diminishing marginal returns. c. there are decreasing economies of scale. d. they are operating in a constant cost industry. e. the marginal cost of production is $200.
Other things the same, what happens in the long run to the price level and quantity of output after a contraction in aggregate demand?