Which of the following is false?
A. The completion of the national railroad network by 1890 led to the development of a national American market rather than just a series of smaller regional markets.
B. Before the Civil War the North and the South were in agreement on the issue of protective tariffs, but were in conflict over the spread of slavery into the new Western territories.
C. The U.S. was the first mass-consumption society.
D. From 1900 to the end of World War I, U.S. farmers prospered.
B. Before the Civil War the North and the South were in agreement on the issue of protective tariffs, but were in conflict over the spread of slavery into the new Western territories.
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Refer to Scenario 6.1. If both Tasha and Gloria play their dominant strategies, Tasha's net payoff will be ________ and Gloria's net payoff will be ________
A) $15; $12 B) $15; $15 C) $30; $30 D) $12; $12
Goods are ________ when the income elasticity of demand is less than zero
A) substitutes B) complements C) inferior D) elastic E) normal
How does the increasing use of digital cameras affect the market for traditional camera film?
A) The quantity of traditional camera film demanded decreases. B) The demand curve for traditional camera film shifts to the left. C) The quantity of traditional camera film demanded increases. D) The demand curve for traditional camera film shifts to the right.
To be a natural monopoly, a firm must
A. control an essential natural resource input. B. be very large. C. have a continuously falling average cost curve as output rises. D. have falling average costs over a substantial range of total market demand.