Which of the following statements is false?
A. In the early 19th century, the United States suffered from a scarcity of labor-relative to land.
B. At the time of the American Revolution, about nine of every ten Americans lived on a farm.
C. The transcontinental railroads completed in the 1880s brought railroads to every region of the country.
D. Between 1939 and 1944, federal government spending rose by 400 percent.
C. The transcontinental railroads completed in the 1880s brought railroads to every region of the country.
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A single-price monopoly transfers
A) consumer surplus to producers. B) producer surplus to consumers. C) economic profit to consumers. D) economic profit to the government. E) economic profit to deadweight loss.
The figure above shows the market for coffee. Coffee is a normal good. If consumers' incomes fall, the efficient quantity of coffee will ________ and the producer surplus will ________
A) increase; increase B) increase; decrease C) decrease; decrease D) decrease; increase
Why is the economy at full employment in the long run?
A) Only wages have the ability to adjust. B) Only price can adjust. C) Prices don't adjust. D) Wages and the price level eventually adjust to full employment equilibrium levels. E) Government policies eventually converge on the full employment strategy.
Suppose the central bank announces that it will permanently increase the inflation rate and there is central bank credibility
With adaptive expectations, expectations of inflation will adjust ________, and with rational expectations, expectations of inflation adjust ________. A) slowly; slowly B) slowly; immediately C) immediately; immediately D) immediately; slowly