Higgs (1971) finds evidence to suggest that railroads did take advantage of farmers before 1896
Indicate whether the statement is true or false
True
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Suppose Elizabeth Gardner quit her job as a piano teacher to go into business making appetizers. Which of the following is an implicit cost for her business?
a. cost of rent b. cost of her own labor c. cost of hiring workers d. cost of insurance e. cost of raw materials
The accompanying figure shows Becky's daily production possibilities curve for dresses and skirts.
The maximum number of skirts that Becky can make in a day is represented by point:
A. V B. U C. T D. Z
When there is a decrease in the unemployment rate,
A. The economy moves closer to the production possibilities curve. B. There is a movement along the production possibilities curve. C. The production possibilities curve shifts inward. D. The production possibilities curve shifts outward.
Resource demand has grown over time:
A. because of population growth only. B. because of increased consumption per person only. C. because of both increased population and greater consumption per person. D. despite decreases in population and consumption per person.