The idea of interchangeable parts, which was an important aspect of the American System of Manufacturing, is attributed by Hughes and Cain (2011) to
(a) Henry Ford, who used it in the production of automobiles.
(b) Adam Smith, who suggested it in his book The Wealth of Nations.
(c) Thomas Jefferson, who used it in his "nailery" on his plantation.
(d) Eli Whitney, who used it in the production of guns.
(d)
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Answer the following statement(s) true (T) or false (F)
1. A Paasche price index makes price changes seem better for the consumer than they really are. 2. A Laspeyres price index is based on the basket consumed in the later period.. 3. If the consumer has the same tax bill under a head tax as under an income tax, then the consumer will be indifferent between the two taxes. 4. If the consumer has the same tax bill under a head tax as under an income tax, then less leisure will be consumed under the head tax than under the income tax. 5. The cardinal utility approach has exactly the same implications as the indifference curve approach.
As long as the marginal benefit from a good is greater than its marginal cost, an economy is operating efficiently
Indicate whether the statement is true or false
When a tax on a good starts small and is gradually increased, tax revenue will
a. rise b. fall c. first rise and then fall d. first fall and then rise e. do none of the above
A trade deficit occurs when:
A. quotas exceed tariffs. B. exports exceed imports. C. tariffs exceed quotas. D. imports exceed exports.