By 1860, almost ¾ of the U.S. output of cotton goods was produced in:
a. the area surrounding Philadelphia.
b. New England.
c. the Mid-Atlantic states.
d. New York City.
b. New England.
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In the above figure, Graph D with Capital on the vertical axis and labor on the horizontal axis implies that
A) the marginal product of labor is increasing as more labor is employed. B) the marginal product of labor is decreasing as more labor is employed. C) the capital and labor are perfect substitutes. D) capital and labor have to be employed in fixed proportions.
Which of the following statements is true about public goods?
a. They are always produced by the government. b. The market-determined output is efficient. c. The government can hire a private entity to produce a public good. d. Nonexcludability is sufficient condition for a good to classified as a public good.
In the formula to calculate the real deficit, which of the following decreases the real deficit?
A. A lower inflation rate B. A larger nominal deficit C. A higher interest rate D. A larger debt
The development of additive manufacturing technology (3-D printers) is expected to lower prices by doing which of the following?
A. Reducing the cost of producing blueprints for manufactured goods. B. Promoting greater economies of scale in manufacturing. C. Reducing the demand for manufactured goods. D. Reducing both large fixed set-up costs and transportation costs.