The first industry to use interchangeable parts in the U.S. was
(a) machine tools.
(b) guns.
(c) cotton textiles.
(d) watches.
(b)
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Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
According to real business cycle models
A) the economy is normally operating below the natural rate of unemployment. B) unexpected changes in monetary policy are the major source of fluctuations in real GDP. C) the economy is normally at potential GDP. D) the long-run Phillips curve is negatively sloped.
Suppose a country, whose production and consumption of coffee is large relative to the world market, has just entered the global market. If the country is a net exporter of coffee, we would expect:
A. a decrease in world price, and increase in world quantity of coffee. B. an increase in both world price and quantity of coffee. C. an increase in world price and decrease in world quantity of coffee. D. a decrease in both world price and quantity of coffee.
Economists assume people are motivated by
A. social justice. B. unlimited resources. C. pride. D. self-interest.