What caused the major economic conflict between the North and the South immediately before the outbreak of the Civil War?
A. Agricultural development.
B. Industrialization in the North.
C. Trade barriers with England.
D. All of the choices are true.
D. All of the choices are true.
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Fully anticipated monetary policy actions cannot alter either the rate of unemployment or the level of real GDP. This statement is
A) the nonaccelerating inflation rate of unemployment theory. B) discretionary policy making. C) the policy irrelevance proposition. D) the Phillips curve.
In 2008, the U.S. current account balance was -$706 billion, net interest was +$119 billion, net transfers were -$128 billion, and exports were +$1,827 billion. Therefore, imports were
A) -$1,112 billion. B) +$1,112 billion. C) -$2,524 billion. D) +$2,780 billion. E) +$2,524 billion.
What are the major factors affecting the long-term growth of the economy's output?
What will be an ideal response?
If a technological change reduced the amount of the variable input needed by a firm to produce a unit of output:
a. its AVC curve would shift down. b. its ATC curve would shift down. c. its MC curve would shift down. d. All of the above would occur.