By 1850, the single largest U. S. commodity export (in terms of value) was:
a. iron railroad tracks.
b. wheat.
c. cotton.
d. slaves.
c. cotton.
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The interest rate at which the Federal Reserve Banks lend to commercial banks is called the ________.
A. discount rate B. short-term rate C. prime rate D. federal funds rate
The implicit rate of return that must be paid to induce investors to continue to supply the funds necessary to maintain a firm's capital assets is called
a. the investors' rate of return. b. the opportunity cost of labor. c. the opportunity cost of capital. d. equity capital.
If the economy is experiencing an inflationary GDP gap, ___ monetary policy might be used to ____ aggregate demand and ____ the overall price level.
A. expansionary; decrease; decrease B. expansionary; increase; decrease C. contractionary; decrease; decrease D. contractionary; decrease; increase
The cost of repositioning an automobile gas tank for greater safety is $11 per vehicle for 12.5 million vehicles. It is expected that 180 deaths will occur if the gas tank location is not redesigned. Failure to redesign the gas tank location therefore implies that the automobile company is implicitly valuing human life at:
A. more than $736,889. B. more than $1,000,000. C. less than $736,889. D. exactly $500,000.