During the antebellum period, rapid economic growth was accompanied by significant changes in public economics and policy-making
Indicate whether the statement is true or false
True
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What does it mean when an economist says that a firm is buying labor in a competitive market?
What will be an ideal response?
For the exercise, use the first 500 observations only. Using data for average hourly earnings only (ahe), describe the earnings distribution. Use summary statistics, such as the mean, median, variance, and skewness. Produce a frequency distribution ("histogram") using reasonable earnings class sizes
What will be an ideal response?
Macroeconomics is the branch of economics that focuses on:
a. broad issues such as growth, unemployment, inflation, and trade balance. b. the actions of particular agents within the economy, like households, workers, and business firms. c. the means of production (resources and businesses) that are owned and operated by private individuals or groups of private individuals. d. workers or firms, and whether they are well suited within the overall production process.
Which of the following explains why Keynesian economics lost influence in the 1970s?
A. A change in the how the Federal Reserve was constructed B. The damaging effects of inflation C. A crash in the stock market D. An increase in the marginal tax rate