In answering the question "Did the Civil War help promote economic growth and industrialization?" Hughes and Cain (2011) conclude that
(a) the war, rather than being a major stimulus to industry, was actually a great drain that slowed U.S. economic development for a time.
(b) the war was indeed a major stimulus to industry because it promoted the building of wartime factories and new technology, which then provided a basis for rapidly growing production levels when peace came.
(c) the war was a setback for the South but a great stimulus for the North.
(d) the war seemed to have had no overall impact on the economic growth of the nation.
(a)
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Which of the following criteria should be used to evaluate if government intervention in a market for the purpose of environmental protection is justified?
A) Is the intervention program economically efficient? B) Does the intervention program reduce pollution to zero? C) Does the intervention program maximize economic surplus? D) Does the intervention program minimize environmental damage?
When drawn against the real interest rate, the output demand curve unambiguously shifts to the right if either or both of the following occur
A) an increase in current taxes and an increase in future taxes B) an increase in current taxes and a decrease in future taxes C) a decrease in current taxes and an increase in future taxes D) a decrease in current taxes and a decrease in future taxes
All of the following costs are included in the calculation of accounting profit, except
a. Interest payments on borrowed funds b. Costs paid to suppliers for product ingredients c. Opportunity cost of capital d. Depreciation expenses related to investments in buildings and equipment
Assumptions can simplify the complex world and make it easier to understand
a. True b. False Indicate whether the statement is true or false