What most accurately describes the U.S. compared to other nations in the early 1900s?
a. The U.S., which was still quite young, was one of the least productive nations in the world in both the agricultural and manufacturing sectors.
b. The U.S., Great Britain and Germany were the three most industrialized nations.
c. The industrial output in the U.S. was about average compared the rest of the nations in the world.
d. The U.S., which had large supplies of land, had a highly productive agricultural sector, but its industrial productivity was quite low relative to that of other nations.
b. The U.S., Great Britain and Germany were the three most industrialized nations.
You might also like to view...
Suppose the prices of a pair of jeans, a shirt, and a tie are $30, $20, and $10 respectively. Which of the following statements is true in this context?
A) The opportunity cost of buying a pair of jeans is 2 ties. B) The opportunity cost of buying a tie is 3 pairs of jeans. C) The opportunity cost of buying a tie is 2 shirts. D) The opportunity cost of buying a shirt is 2 ties.
If the government imposes a specific tax on a monopoly, the consumer's tax incidence
A) can exceed 100%. B) will always be between 0-100%. C) may be negative. D) will be the same as when the tax is imposed on a perfectly competitive firm.
Eileen has a comparative advantage over Jan in piano tuning but not in shoe polishing. Therefore,
a. Jan must have an absolute advantage in piano tuning b. Eileen must have an absolute advantage in shoe polishing c. Jan must have a lower opportunity cost of shoe polishing d. Eileen must have an absolute advantage in shoe polishing and in piano tuning e. Eileen must have an absolute advantage in piano tuning
A ________ is a firm that faces a given market price and whose actions have no effect on that market price
a. monopoly b. dominant firm c. price taker d. price maker