By 1860,
(a) less than one-third of Southern farmers owned slaves.
(b) most of the workers on Northern farmers were hired laborers.
(c) immigrants supplied a significant amount of labor to Northern and Southern farmers.
(d) all of the above.
(d)
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Short-run equilibrium output is the level of output at which real GDP
A. equals real GDP per capita. B. equals potential output. C. maximizes firm profits. D. equals aggregate expenditure.
Johnny has allocated $30 toward coffee and tea and feels that coffee and tea are perfect substitutes. Due to differences in caffeine levels, his MRS of tea for coffee equals 2. If coffee and tea sell for the same price, Johnny will
A) spend all $30 on tea. B) spend all $30 on coffee. C) spend $20 on coffee and $10 on tea. D) be indifferent between any bundle of coffee and tea costing $30.
Which of the following is(are) the main factor(s) spurring economic growth?
A. Improving technology. B. More and better capital. C. More and better labor. D. All of these cause economic growth.
In the classical model, changes in interest rates will always ensure that
A. consumption equals income. B. saving equals investment. C. consumption equals production. D. consumption equals investment.