The primary source of power for industrial production in the antebellum period was:
a. coal.
b. steam.
c. water.
d. wood.
c. water.
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In the above figure, CBL is the cost of breaking the law. If it is illegal to buy and sell, then the price per unit will be
A) $500. B) $400. C) $300. D) $200.
Goods having a negative calculated income elasticity are
a. superior goods b. producers' goods c. nondurable goods d. inferior goods e. none of the above
The following data give the dates of successive turning points in U.S. economic activity and the corresponding levels of real GDP at the time.Turning PointDateReal GDP (1996 $ billions)(A)July 19531992.2(B)May 19541941.0(C)Apr. 19572182.7(D)Apr. 19582117.4(E)Apr. 19602391.0 The economy experienced a recession that lasted from:
A. May 1954 to April 1957. B. May 1954 to April 1958. C. July 1953 to April 1957. D. July 1953 to May 1954.
Which of the following are substitute goods?
A) margarine and butter B) peanut butter and jelly C) pizza and soda D) trucks and gasoline