In which of the following examples cited in the text is there the least amount of evidence of the potential for input substitution?
A) Automobile production.
B) Pipe organ production.
C) French fry production.
D) Production of health care services.
B
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________ would gain from expanded immigration
A) Domestic labor B) Domestic capital C) Both domestic labor and capital D) Neither domestic labor nor capital
A decrease in the incomes of people who buy canoes would cause the demand for canoes to decrease
Indicate whether the statement is true or false
Since the early 1980s, the real exchange rate between U.S. goods and Japanese goods has climbed, relative to the nominal exchange rate (yen/U.S. dollar). What does this imply about economic conditions in the two countries?
What will be an ideal response?
Individual income taxes in the U.S.
a. began during the Revolution. b. affect only the richest 10% of people. c. are an insignificant source of revenue. d. mostly began in 1913.