The two main categories of U.S. exports are
a. transportation goods and fuel
b. steel and fuel
c. capital goods and industrial supplies and materials
d. fuels and agricultural goods
e. agricultural and transportation goods
C
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High profits in some risky industries attract additional entrepreneurs to those industries.
Answer the following statement true (T) or false (F)
The term "path dependence" refers to
a. inefficient outcomes that result from early technology choices that are not optimal in the long run. b. the tendency for competitive markets to become monopolistic in the long run. c. inefficient outcomes that result from negative externalities. d. the natural growth of monopoly when economies of scale exist in a market.
A farm is able to produce 5,000 bushels of peaches per season on 100 acres. Assume it adds one more acre and is able to produce 6,000 bushels per season. The marginal product of the additional acre of land for this farm is:
a. 6,000 bushels per acre per year. b. 5,000 bushels per acre per year. c. 1,000 bushels per acre per year. d. 11,000 bushels per acre per year.
The introduction of a new currency is generally sufficient to achieve a permanent reduction in the inflation rate
a. True b. False Indicate whether the statement is true or false