In the late 1800s and early 1900s, farmers in the Great Lakes region
a. specialized in grain production.
b. specialized in production of fresh fruits and vegetables.
c. switched their emphasis from grain production to dairy farming.
d. earned high profits by raising cattle for beef production.
c. switched their emphasis from grain production to dairy farming.
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An art museum decides to offer tours by having visitors listen to cassette tapes rather than have tour guides. The museum is answering the ________ part of one of the two big economic questions
A) "scarcity" B) "what" C) "why" D) "how"
The division of a resource's earnings between economic rent and opportunity cost depends on the resource owner's
a. elasticity of labor supply b. price elasticity of labor demand c. income elasticity of labor demand d. cross-price elasticity of demand e. marginal revenue product
An increase in government spending will immediately shift
A. aggregate supply to the right. B. aggregate demand to the right. C. aggregate supply to the left. D. aggregate demand to the left.
Describe what happens to the FE line if government purchases increase.
What will be an ideal response?