Hughes and Cain (2011) give some credit to which of the following factors for the 1860–1910 increase in the number of people employed, shorter work days and higher real incomes?
(a) A decrease in the number of immigrants
(b) A closed economy with no imports coming into or exports going out of the U.S.
(c) Mechanical power and capital accumulation
(d) All of the above
(c)
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Which of the following goods is an example of a good that is nonexcludable but not nonrivalrous?
a. National defense. b. A fishing lake. c. A lighthouse. d. A radio broadcast.
Table 7-4 ? 6 346 490 600 692 775 846 ? 5 316 448 548 632 705 775 ? 4 282 400 490 564 632 692 CAPITAL 3 245 346 423 490 548 600 ? 2 200 282 346 400 448 490 ? 1 141 200 245 282 316 346 ? 0 1 2 3 4 5 6 ? LABOR ? ? ? ? ? Table 7-4 shows a production relationship. Assuming the capital stock is fixed at three units and the cost per day of labor is $65, what is the most labor that it is efficient to hire if the product price is $1 per unit?
A. 2 B. 3 C. 4 D. 5
An example of an employer tax credit is the EITC
Indicate whether the statement is true or false
Refer to the graph shown. If hamburgers are produced by a perfectly competitive industry with a market demand D:
A. output will be the same as it would be under monopoly. B. price will equal $6. C. price will equal marginal cost. D. price will be greater than marginal revenue.