The absence of significant scale economies in 19th century agriculture outside the cotton South produced all of the following except
(a) More equal income distribution
(b) Numerous family farms
(c) The widespread need for schools
(d) Large, corporate farms using the latest technology
(d)
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Information technologies ________ the demand for low-skilled labor, increase the ________ high-skilled labor, lower the wage rate of ________ labor, and raise the wage rate of ________ labor
A) decrease; demand for; low-skilled; high-skilled B) decrease; supply of; low-skilled; high-skilled C) do not change; supply of; high-skilled; low-skilled D) do not change; demand for; high-skilled; low-skilled
If the game in Scenario 13.13 were not played sequentially,
A) the only equilibrium would be (R2,C1 ). B) the only equilibrium would be (R1,C2 ). C) the only equilibria would be (R2,C1 ) and (R1,C2 ). D) the only equilibria would be (R2,C1 ), (R1,C2 ) and a mixed strategy equilibrium. E) there would not be any equilibrium.
Say's law says that
A) consumption is greater than supply. B) desired expenditures always equal actual expenditures. C) people produce the goods they consume. D) people consume the goods they produce.
When aggregate demand shifts rightward along the short-run aggregate-supply curve, inflation
a. increases and unemployment increases. b. increases and unemployment decreases. c. decreases and unemployment increases. d. decreases and unemployment decreases.