According to Robert Zevin's 1971 study of textiles, the U.S. cotton textile industry had ____ percent of the number of Britain's textile labor force, but produced ____ percent as much cotton
a. 80; 80
b. 50; 80
c. 50; 40
d. 25; 40
d. 25; 40
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The knowledge and skills acquired by a worker through education and experience is a description of which factor of production?
A) physical capital B) entrepreneurship C) labor D) human capital
After the Great Depression of the 1930s and particularly since World War II until the 1970s, the ideas of the __________ school became conventional wisdom
a. classical b. Keynesian c. monetarism d. supply-side e. rational expectations
Related to the Economics in Practice on page 67: Consumption of quinoa has been on the rise. A grain called teff has been referred to as quinoa's twin and is often consumed in place of quinoa. This would make teff and quinoa ________, and an increase in the price of quinoa should ________ the demand for teff, ceteris paribus.
A. complements; decrease B. substitutes; decrease C. substitutes; increase D. complements; increase
Bidding in a Dutch auction continues until ________
A) no bidder is willing to bid any higher B) a bidder accepts the price announced by the auctioneer C) a bidder bids above the market price of the good D) a bidder bids below the starting bid