During the Civil War years,
a. the slight stimulus to manufacturing was startling.
b. iron production for both small arms and railroads increased rapidly.
c. production of boots and shoes in Massachusetts nearly doubled.
d. Both b and c are correct.
a. the slight stimulus to manufacturing was startling.
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Aggregate expenditures fall as prices rise because higher prices
a. reduce the value of household financial assets and hence reduce planned consumption. b. increase demand for imports and discourage exports. c. cause higher interest rates, which reduce the demand for investment. d. All of these.
Higher taxes affect real GDP indirectly through both the consumption channel and the output supply channel
a. True b. False Indicate whether the statement is true or false
The Asian tigers have experienced rapid economic growth in recent times. Hence, these countries are sometimes referred to as:
a. first-world countries. b. newly industrialized countries. c. the globalization limelight. d. second-world countries. e. the G-8 nations.
Most firms have
a. no monopoly pricing power. b. some monopoly pricing power. c. absolute monopoly pricing power. d. the ability to earn monopoly profits.