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.
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.
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An increase in the quantity of loanable funds demanded occurs when
A) wealth decreases. B) the expected profit rises. C) the real interest rate rises. D) the supply of loanable funds decreases. E) the real interest rate falls.
If the unemployment rate is less than the natural unemployment rate, then
A) there is no frictional unemployment. B) cyclical unemployment is greater than zero. C) real GDP is less than potential GDP. D) real GDP is greater than potential GDP. E) frictional unemployment is negative.
Economic theory assumes people make decisions by weighing additions to cost against additions to benefit, which can best be described as
A) additivism. B) capitalism. C) marginalism. D) opportunism. E) rationalism.
Why is the demand for an input considered a derived demand?
What will be an ideal response?