Which statement is true?
A. In 1900 most Americans lived on farms.
B. The United States' industrial base was largely destroyed by World War I.
C. John D. Rockefeller controlled the U.S. automobile industry during the first two decades of the 20th century.
D. Andrew Carnegie was the leading steel producer in the U.S. in 1900.
D. Andrew Carnegie was the leading steel producer in the U.S. in 1900.
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The people of the Island of Yap used stones as a general medium of exchange. Therefore,
A) their economic system was based upon barter. B) their stones served as money. C) they had no price system, because prices can't be measured with stones. D) inflation was impossible.
The product life cycle theory predicts that comparative advantage shifts away from the country of origin if:
a. the product is introduced in many countries simultaneously. b. the product is highly demanded in international markets. c. the demand for the product drastically declines in the domestic market of the country where it was invented. d. other countries have lower manufacturing costs using the now-standardized technology. e. other countries develop highly skilled labor force to improve product quality.
The Reciprocal Trade Agreement Act of 1934
a. increased the level of tariffs in the United States. b. was the first in a series of retaliatory trade acts passed by Congress. c. was the first in a series of Congressional acts reducing tariffs. d. increased the level of tariffs in the United States AND was the first in a series of retaliatory trade acts passed by Congress.
Which of the following will not cause the aggregate supply curve to fall?
a. Natural disasters. b. An increase in input prices. c. A reduction in the nation's level of productivity. d. A decrease in the nation's average price level (i.e., the implicit price index). e. None of these answers is correct.