Which statement is most accurate about the U.S. between 1840 and1860?
a. The per capita income of free people in the West South Central was about twice the national average.
b. The per capita income of free people in the entire U.S. decreased.
c. The per capita income of free people in the entire U.S. increased, but increased more slowly than it did before the Revolution.
d. The Northeast was the poorest part of the nation, as measured by per capita income of free people.
a. The per capita income of free people in the West South Central was about twice the national average.
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Within the framework of the aggregate expenditures model, which of the following is true?
a. When spending on goods and services exceeds the level business decision makers anticipated, inventories will rise. b. Equilibrium will always occur at the full-employment level of output. c. A nation's imports will decline as the nation's disposable income increases. d. When spending on goods and services exceeds the level of aggregate output, inventories will fall.
Input demand is called derived demand because:
a. demand for an input is derived from the demand for the product or service it produces. b. demand for the output produced is also derived from consumer demand. c. demand for an input is derived from its availability in the input market. d. input demand actually determines how much output is produced.
E1 is demand elasticity for Minute Maid orange juice, E2 is demand elasticity for all orange juice, and E3 is demand elasticity for all fruit drinks. Then
A. |E1| > |E2| > |E3| B. |E3| > |E1| > |E2| C. |E2| > |E3| > |E1| D. |E3| > |E2| > |E1|
Which of the following would most likely prevent the firm from shutting down?
a. the AVC curve moving further above P
b. the ATC curve moving partly below P
c. the ATC curve moving further above P
d. the AVC curve moving completely below P