The best description of US economic growth during the 1800s is:
a. The annual growth rate for the 20 years preceding the Civil War was about the same as the annual growth rate from 1870-1899 while the growth rate during the Civil War was higher than either period.
b. The annual growth rate for the 20 years preceding the Civil War was lower than the annual growth rate from 1870-1899
c. The annual growth rate for the 20 years preceding the Civil War was greater than the annual growth rate from 1870-1899
c. The annual growth rate for the 20 years preceding the Civil War was greater than the annual growth rate from 1870-1899
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Before the Industrial Revolution, standards of living differed
A) greatly over time and across countries. B) little over time, but differed greatly across countries. C) greatly over time, but differed little across countries. D) little over time and across countries.
In comparing monopolistic competition to perfect competition, one can conclude that the lack of free entry is the key to having the ability to set price
Indicate whether the statement is true or false
Which actor in the simplified circular flow model is on the supply side of the factor market?
A. Firms B. Households C. Market for goods and services D. Government
Total utility will be at its maximum when
a. marginal utility is negative. b. marginal utility is positive. c. marginal utility is maximized. d. marginal utility is zero.