Farmers' complaints during the post-Civil War period included all of the following except
(a) High railroad rates
(b) A worsening of the terms of trade between the prices of farm goods and the prices of manufactured articles
(c) The fact that national banks were not allowed to accept farm mortgages as loan collateral
(d) There is no "except"; all of the above were complaints of the farmers
(d)
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The output an economy can produce with one unit of capital and one unit of labor is ________
A) indicated by the A variable in the Cobb-Douglas production function B) commonly referred to as labor productivity C) a variable that depends on how many units of capital and labor are available D) all of the above E) none of the above
Suppose that apples and bananas both cost the same, but the marginal utility of bananas is twice as high as that for apples. This implies the consumer should purchase more apples and fewer bananas in order to maximize utility
a. True b. False Indicate whether the statement is true or false
Suppose there was a debate regarding how to spend $1 billion in newly found revenues in the budget. Suppose the centrist Democrat suggests an increase to infrastructure spending. Suppose the centrist Republican suggests an increase in cyber-defense spending. Each is arguing that their plan will get the most good for the money. What is going on here?
A. Both are employing marginal analysis, just from different perspectives. B. Only the Republican is using marginal analysis. C. Only the Democrat is using marginal analysis. D. Neither are using marginal analysis.
The economic surplus of an action is:
A. the money a person has left over after taking an action. B. the difference between the benefit and the cost of taking an action. C. the difference the explicit and implicit costs of taking an action. D. the benefit gained by taking an action.