What two basic ideas led to American preeminence in nineteenth-century manufacturing?
a. interchangeable parts and the right of incorporation
b. continuous-process manufacturing, and the breast water wheel
c. water frame spinning machines and the use of interchangeable parts
d. interchangeable parts and continuous-process manufacturing
d. interchangeable parts and continuous-process manufacturing
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If Californians increase their purchases of Italian wine, assuming all else remains constant, this will ________ of the United States
A) decrease the balance of payments B) increase the current account balance C) increase net exports D) decrease the balance of trade E) decrease the trade deficit
In the neoclassical growth model without technological progress, the steady-state growth rate of per capita output is
a. the growth of technology plus the growth of population. b. the growth of population. c. the growth of technology. d. the growth of technology plus population plus depreciation.
Which of the following is not an example of a transfer payment?
A. social security. B. sales tax. C. unemployment benefits. D. workman’s compensation.
Assuming the demand for their products is inelastic, farmers (as a group) have an incentive to
A) increase the supply of what they sell. B) agree among themselves to decrease the supply of what they sell. C) spend at least 10 percent of their budgets to advertise their products. D) b and c E) a and c