In the late nineteenth century, technological improvements and cheaper transportation in the United States led to
a. a decrease in minimum efficient scale in many industries
b. an increase in minimum efficient scale in many industries
c. an overall reduction in productive efficiency
d. a narrowing of markets
e. price increases in many industries
B
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The interest rate is the price borrowers pay to borrow money. Key interest rates are controlled by the Federal Reserve System. If the Federal Reserve acts to reduce interest rates, economists would expect the demand for money to
A. increase. B. decrease. C. not change. D. be influenced by the interest rate, but with an uncertain effect.
In Adam Smith's competitive market economy, the question of what goods to produce is determined by the:
a. "invisible hand" of the price system. b. "invisible hand" of government. c. "invisible hand" of public interest. d. "visible hand" of laws and regulations.
If the government legislates policies that block imports of solar panels and gives domestic manufacturers a $5 billion-dollar tax subsidy, the benefits to the U.S. solar panel manufacturing and distribution industry will be very visible. The bearers of the cost of the tax subsidy _____.
a. are easy to identify b. also fit this pattern of identifiable winners c. will have their interests counterbalanced over time d. are more anonymous
The organization that unionized workers along industrial rather than craft lines was the
a. Chamber of Commerce b. American Federation of Labor c. National Labor Relations Board d. Journeymen Stonecutter's Association e. Congress of Industrial Organization