What best describes changes in per capita output between 1860-1880?
a. The South experienced both an absolute reduction and a reduction relative to the North.
b. Both the North and South grew, but the North grew faster than the South.
c. The North and South both suffered absolute decreases.
d. The South and the North grew and the South grew faster than the North.
a. The South experienced both an absolute reduction and a reduction relative to the North.
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The value of what is produced per worker, or per hour worked, is called ____________.
a. economic growth b. human capital c. productivity d. GDP per capita
Bill Bonecrusher graduates from college with a choice of playing professional football at $2 million a year or coaching for $50,000 a year. He decides to play football, but eight years later he quits football to make movies for $3 million a year. His
opportunity cost at graduation was ________ and eight years later was ________. A) $50,000; $2 million B) $2 million; $2 million C) $2 million; $3 million D) $50,000; $50,000
Economies of scale in nuclear power plants exist because of
A) more efficient plant management. B) a better understanding of the plant's idiosyncrasies, or learning-by-doing. C) nuclear power technology changes. D) both A and B.
A monopoly differs from monopolistic competition in that
A) a monopoly has market power while a firm in monopolistic competition does not have any market power. B) a monopoly can never make a loss but a firm in monopolistic competition can. C) in a monopoly there are significant entry barriers but there are low barriers to entry in a monopolistically competitive market structure. D) a monopoly faces a perfectly inelastic demand curve while a monopolistic competitor faces an elastic demand curve.