The exploitation of what resource supplied more than half of the increase in mechanical energy in 1860–1910?
(a) Petroleum
(b) Water power
(c) Anthracite coal
(d) Bituminous coal
(d)
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Production possibilities frontiers are typically concave (bowed out) from the origin because
a. of the law of supply b. there is usually a one-for-one trade-off in resources used in production c. economies of scale enable firms to reduce the average costs of production as output rises d. the opportunity cost of a good rises as the quantity of the good produced increases e. resources are often left idle in the firm
Which of the following is a definition of the consumption function?
a. A functional relationship between real consumption spending and real disposable income b. A functional relationship between real consumption spending and the interest rate c. A functional relationship between real consumption spending and wealth d. A functional relationship between real consumption spending and total spending e. A functional relationship between real consumption spending and net taxes
As a share of GDP, U.S. spending on education is:
a. comparable to that of other wealthy nations in the OECD b. about 26% higher than the average of wealthy nations in the OECD c. about 26% lower than the average of wealthy nations in the OECD d. rising slowly, but steadily
Who of the following would be counted as unemployed in Canada?
A) Sharon is a college student with no job. B) Doris only works five hours a week but is looking for a full-time job. C) Maurice has been laid off from his job for 20 weeks but expects to be called back soon. D) Bogdan has been laid off from his job but does not expect to be called back, and is not looking. E) Kanhaya has stopped looking for work since he was unable to find a suitable job during a two -month search.