From 1865 to 1900, the production of wheat, corn, and cotton
A. increased much more slowly than population growth.
B. increased somewhat more slowly than population growth.
C. increased at about the same pace as population growth.
D. increased faster than population growth.
D. increased faster than population growth.
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When a business fails to cover sunk costs, it usually
A) declares a stock split. B) declares bankruptcy. C) does not immediately stop operating. D) stops operating until sunk costs are recovered.
If the federal funds rate is __________ the equilibrium interest rate, banks would try to __________ in the federal funds market
A) above; borrow B) below; lend C) below; borrow D) None of the above.
Deviations from the perfectly competitive market can lead to
a. inefficiently high production costs. b. higher prices and smaller outputs. c. less efficient resource allocation. d. All of the above are correct.
Arguments in support of protectionism (and against free trade) include all of the following EXCEPT
A) new and troubled industries need to be protected until they acquire sufficient strength to compete equally against their foreign counterparts.
B) jobs at home should be protected from cheap foreign labor.
C) protectionism increase total domestic consumption possibilities.
D) national security interests require that nations retain the ability to produce vital materials at home and avoid dependence upon potential enemies.