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
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
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