Which of the following statements is true of the U.S. economy before 1800?
A) The U.S. economy was growing at an average rate of more than 6% per annum.
B) There were no major achievements in arts.
C) Sustained economic growth was rare or absent in the U.S. economy.
D) There were no major achievements in science and technology.
C
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An upward-sloping supply curve of labor reflects the fact that the
a. demand for the good is increasing causing its price to increase b. population size in the region is increasing c. workers are willing to supply a greater quantity of labor at higher wage rates d. marginal revenue product rises as the wage rate rises e. workers' opportunity costs are falling as the wage rises
For a fixed inflation rate target, an increase in the inflation rate corresponds to a ________ the aggregate demand curve and an increase in exogenous spending corresponds to a ________ the aggregate demand curve.
A. shift left of; shift right of B. shift left of; movement up C. movement up; movement down D. movement up; shift right of
The market will overproduce goods that have external costs because
A. Producers experience lower costs than society. B. Producers cannot keep these goods from consumers who do not pay, so they have to produce greater amounts. C. The government is not able to produce these goods. D. Producers experience higher costs than society.
Typically, in towns and villages across the Midwest, bowling alleys are one-story buildings. In Manhattan, one is more likely to bowl in alleys found in multi-story high rises. How would the economic way of thinking explain this?
What will be an ideal response?