The Embargo Act (1807):
a. had a devastating effect on U.S. manufacturing.
b. led to increases in U.S. exports and per capita income.
c. increased U.S. imports, but decreased U.S. exports.
d. prohibited U.S. ships from trading with all foreign ports.
e. All of the above.
d. prohibited U.S. ships from trading with all foreign ports.
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If the wage rate rises, labor's share in the total costs of a production process
a. will increase. b. will decrease. c. may increase or decrease depending on the elasticity of demand for the product. d. may increase or decrease depending on the ease of substitution of other inputs for labor.
The Federal Reserve has ________ responsibility for supervising financial institutions.
a. some b. no c. full d. exclusive
Middlemen, such as grocers, stockbrokers, and realtors
a. specialize in reducing transactions costs. b. provide nothing of value to either the buyer or the seller. c. have no effect on economic output in society. d. do not exist in capitalist economies.
For a firm operating in a perfectly competitive industry, total revenue, marginal revenue, and average revenue are all equal
a. True b. False Indicate whether the statement is true or false