The efficiency of steamboats was commonly measured by
(a) the carrying capacity of the steamboat fleet in terms of tonnage.
(b) per unit labor costs per vessel.
(c) the tonnage per vessel transported upstream.
(d) the actual tonnage transported up and downstream each day.
(a)
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The economy is at the equilibrium shown as point a in the above figure. To restore the economy to potential GDP, the Fed should
A) buy government securities and thereby increase aggregate supply. B) sell government securities and thereby decrease aggregate demand. C) buy government securities and thereby decrease aggregate demand. D) buy government securities and thereby increase aggregate demand. E) sell government securities and thereby increase aggregate demand.
On a production possibilities curve diagram, greater entrepreneurship:
A. causes the curve to shift outward. B. keeps the economy on the curve. C. prevents movement along the curve. D. keeps the economy at the corners of the curve.
Brodie sells fish in a perfectly competitive market. Suppose the current market price of fish is $4.50 per pound.
A. Brodie can sell as many fish as he can catch at $4.50 per pound. B. Brodie can charge any price he likes for his fish, but will maximize profit if he sells for less than $4.50. C. Brodie should charge more than $4.50. D. Brodie can charge more than $4.50 and still sell some fish.
Applying the concept of "clean enough" to clean water, an economist means the
A. perfectly clean water. B. state of cleanliness where the marginal cost of cleaning equals the marginal benefit of cleaning. C. state of cleanliness where the average cost of cleaning more equals the average benefit of cleaning more. D. state of cleanliness where the total cost of cleaning equals the total benefit of cleaning.