Iron mining, coal mining, and coke production constitute the _____ steps in steel making
a. intermediate
b. upstream
c. final
d. introductory
B
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If monetary policy can influence ________ prices and conditions in ________ markets, then it can affect spending through channels other than the traditional interest-rate channel
A) asset; labor B) asset; credit C) commodity; labor D) commodity; credit
During the Civil War, inflation caused U.S. prices to rise by roughly:
a. 12 percent. b. 32 percent. c. 54 percent. d. 76 percent.
A firm sees its marginal revenue increase by $20 and marginal cost increase by $15 when it produces its 1000th product. This implies
a. the production of the 1000th unit of output increases the firm's profit by $5. b. The firm is past its profit maximizing output c. We cannot say much on the profitability of the firm d. Producing the 1000th item will in fact decrease the overall firm's profits.
A farm can produce 10,000 bushels of wheat per year with 5 workers and 13,000 bushels with 6 workers. The marginal product of the sixth worker for this farm is:
a. 10,000 bushels. b. 3,000 bushels. c. 500 bushels. d. 23,000 bushels.