The primary reason for the success of the colonial shipbuilding industry was:
a. the plentiful supply of skilled labor.
b. low wages in the American shipbuilding industry.
c. a plentiful supply of iron ore.
d. the close proximity of raw materials, especially lumber.
d. the close proximity of raw materials, especially lumber.
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The city of Burlington is a very popular town for tourists to visit in the summer. We would expect the:
A. demand for normal goods to increase each summer. B. demand for normal goods to decrease each summer. C. prices of all normal goods to decrease each summer. D. demand curve for normal goods to shift to the left.
An externality is an event that
A. is external to economics. B. always brings harm to someone in the economy. C. is incidental to some market activity. D. harms the economy as a whole rather than a particular person.
Most commercial paper is:
A. issued with maturities exceeding one year. B. used exclusively for short-term financing needs. C. issued with maturities between 50 and 75 days. D. issued by foreign companies doing business in the United States.
If the wage rate increases:
A. a purely competitive producer will hire less labor, but an imperfectly competitive producer will not. B. an imperfectly competitive producer will hire less labor, but a purely competitive producer will not. C. a purely competitive producer and an imperfectly competitive producer will both hire less labor. D. an imperfectly competitive producer may find it profitable to hire either more or less labor.