Andrew Carnegie was largely responsible for the development of the _________ industry; while John D. Rockefeller was largely responsible for the development of the _________ industry.
Fill in the blank(s) with the appropriate word(s).
steel; oil
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An endogenous variable is typically ________
A) taken as given B) strictly explained outside the model C) strictly explained inside the model D) strictly explained by data E) strictly explained by graphical analysis
Happy Cows is bidding on a large piece of farm equipment to process their dairy products. The managers of Happy Cows have estimated the additional profit Happy Cows will earn from the piece of equipment and have valued the equipment at $125,000. Happy Cows' value of the farm equipment is ________.
A) a common value B) an independent private value C) a public value D) a correlated value
If the value of the domestic currency depreciates:
a. Aggregate demand rises, but aggregate supply does not change. b. Aggregate demand falls and aggregate supply rises. c. Aggregate demand rises and aggregate supply rises. d. Neither aggregate demand nor aggregate supply change. e. Aggregate demand rises and aggregate supply falls.
Recall the Application about how society will cope with increased demands for entitlement programs to answer the following question(s). This Application addresses the impact of increasing life expectancy and aging populations on the costs of government entitlement programs such as Social Security, Medicare and Medicaid, and examines several possible solutions to the potential problem.According to this Application, how will an increase in government spending on entitlement programs affect the macroeconomy?
A. It will increase aggregate demand. B. It will decrease aggregate demand. C. It will increase aggregate supply. D. It will decrease aggregate supply.