People basically borrow in order to
A) go into debt.
B) have more funds.
C) have interest payments.
D) have current consumption rather than waiting to consume in the future.
Answer: D
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The more times a worker performs a particular task, the more proficient the worker becomes at that task. This source of productivity increase is called
A) repetition. B) specialization. C) continuity. D) innovation.
Real income can be measured by
A) the slope of the budget line. B) the area under the budget line. C) the length of the budget line. D) an intercept of the budget line.
When tax revenues are greater than government expenditures, the government has a budget
A) crisis. B) deficit. C) surplus. D) revision.
In the late-19th century, farmers blamed their problems on a number of factors. Which of these complaints is supported (somewhat) by quantitative evidence gathered by economic historians?
a. Eastern bankers conspired to inflate interest rates on western farm mortgages. b. Manufacturers charged unreasonably high prices for farm equipment. c. Consumer goods prices were rising too rapidly. d. Certain sections of railroad were monopolized, resulting in unreasonably high freight rates.