Economic historians identify which invention as a major factor that started the Industrial Revolution in Britain?
A. Steam engine
B. Automobile
C. Telephone
D. Electric motor
A. Steam engine
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Total income
A) excludes profits. B) includes only wages and interest payments. C) is the yearly amount earned by owners of the nation's resources. D) includes only wages received by workers.
The amount of a product that is produced is most directly affected by
A. labor unions. B. product utility. C. product value. D. consumer demand
Figure 5-3
illustrates the market for a product that generates an external benefit. D1 is the private market demand curve, while D2 is the demand curve including the external benefit. Which of the following is true?
a.
Relative to economic efficiency, output of the good will be too large and the price too low.
b.
Relative to economic efficiency, output of the good will be too large and the price too high.
c.
Relative to economic efficiency, output of the good will be too small and the price too low.
d.
Relative to economic efficiency, output of the good will be too small and the price too high.
What will a home monopolist prefer?
a. high quotas b. low quotas c. low tariffs d. It would like all of these equally; that is, they are equivalent.