Compare the composition of U.S. output in the year 1900 with its composition in the year 2000.
What will be an ideal response?
At the beginning of the 1900s, about two-thirds of U.S. output consisted of farm goods, manufactured goods, and mining, whereas in the year 2000, 80 percent of U.S. output consisted of services.
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The average-fixed-cost curve
a. is constant. b. is always decreasing. c. intersects marginal cost at the minimum of average fixed cost. d. intersects marginal cost at the minimum of marginal cost.
Economic theory suggests that the standard of living of American workers would rise if
a. technological setbacks lowered output per worker hour, increasing the number of jobs. b. the minimum wage were doubled. c. older workers were forced to retire earlier, opening up jobs for younger workers. d. the knowledge and skills of workers improved
In the figure above, what is the point price elasticity of demand when price is $80?
A. -0.50 B. -1.00 C. -2.00 D. -1.60 E. -0.75
What are the main features of the Hart-Scott-Rodino Act?
What will be an ideal response?