One of the basic innovations of the first phase of the industrial revolution was (the)
A. automobile.
B. computer.
C. steam engine.
D. wheel.
C. steam engine.
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Which of the following trade agreements provides for the development of a single market among its members?
A) World Trade Organization B) European Union C) North American Free Trade Agreement D) Asian Pacific Economic Cooperation
Advances in technology will shift the aggregate:
a. demand curve rightward. b. supply curve rightward. c. demand curve leftward. d. supply curve leftward.
Which of the following is not a function of the Fed?
a. To supervise and regulate banks. b. Dealing with financial crises. c. To print currency. d. Check clearing. e. Acting as a "bank for banks".
Which of the following statements is true?
A. Competitive firms will respond less to changes in output prices over the long run than they will over the short run because short-run marginal cost is lower than long-run marginal cost. B. Competitive firms will respond more to changes in output prices over the long run than they will over the short run because long-run marginal cost is lower than short-run marginal cost. C. Competitive firms will respond less to changes in output prices over the long run than they will over the short run because long-run marginal cost is lower than short-run marginal cost. D. Competitive firms will respond more to changes in output prices over the long run than they will over the short run because short-run marginal cost is lower than long-run marginal cost.