Which of the following is the most accurate description of the US between 1880 and 1920?
a. The United States became the leading manufacturer in the world in terms of total production and output per worker.
b. The quality of manufactured goods dropped
c. American families bought fewer finished products, and instead saved money by increasingly buying materials and building things at home.
d. No advertising was used because TV and radio had not yet been invented.
a. The United States was the leading manufacturer in the world in terms of total production and output per worker.
You might also like to view...
The price of apples is currently $1 per pound. If apples are sold in a competitive market and the price of apples increases to $2 per pound, the marginal revenue product (MRP) of labor used to produce apples would
A. double. B. change in a manner that cannot be determined without additional information. C. be cut in half. D. not change.
Which of the following will lead to a change in the opportunity cost of buying a pen and a pencil?
A) An increase in the consumer's income B) A decrease in the consumer's income C) A twofold increase in the prices of both pens and pencils D) A twofold increase in the price of pens and a threefold increase in the price of pencils
Who popularized the expression "Time is money."
a. Benjamin Franklin b. George Washington c. Herbert J. Jones d. Amanda Cunningham
We say that equilibrium in a perfectly competitive market is allocatively efficient because
a. the sum of consumer and producer surplus is maximized b. the sum of consumer and producer surplus is minimized c. the sum of consumer and producer surplus is zero d. consumer surplus is maximized e. producer surplus is zero