The appearance of "classical American capitalism" in the middle and late 19th century includes all of the following except
(a) An industrial labor force concentrated in manufacturing centers
(b) The commercialization of agriculture and extractive industries
(c) The rise of big-time finance and giant transportation systems
(d) The strengthening of small scale family farm enterprises and hand-crafted production activities
(d)
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If you have a comparative advantage in a particular task, then:
A. you are better at it than other people. B. you give up less to accomplish that task than do others. C. you give up more to accomplish that task than do others. D. you have specialized in that task, while others have not.
A fiscal stimulus works to close a recessionary gap by shifting the
A) AD curve leftward. B) AS curve leftward. C) AD curve leftward and AS curve leftward. D) AD curve rightward. E) potential GDP line leftward.
A market in which firms can enter if they choose and exit without losing money invested is
A. pure monopoly. B. duopoly. C. contestable. D. a market where there are kinked demand curves.
What is the shape of the average total cost curve for a firm in the short run?
A. U-shaped. B. A horizontal line. C. A vertical line. D. A curve that slopes upward to the right.