The arguments of Kessel and Alchien (1959) on the terms of trade and the question of "who paid for the Civil War (1861–1865)" conclude that 40 percent of the war's burden fell on
(a) those who exported manufactures.
(b) those who purchased imports.
(c) farmers alone.
(d) the economy as a whole.
(b)
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A country reports the total expenditures on the fixed CPI basket for the past three years
The cost of the CPI basket in 2010 was $23,000, the cost of the CPI basket for the reference base period, 2011, was $23,805, and the cost of the CPI basket in 2012 was $24,500. The CPI for 2010 is A) 96.6. B) 100.0. C) 103.5. D) 106.5. E) 23.0.
Suppose that when the price of hamburgers decreases, the Ruiz family increases their purchases of ketchup. To the Ruiz family
A) hamburgers and ketchup and substitutes. B) hamburgers and ketchup are normal goods. C) hamburgers are normal goods and ketchup is an inferior good. D) hamburgers and ketchup are complements.
An increase in the demand for a product will shift the demand curve for labor producing the product to the left
a. True b. False Indicate whether the statement is true or false
After September 11, 2001, a small group of economists argued that the economy's self-correcting mechanism would work to counteract the recessionary effects of the attack
a. True b. False Indicate whether the statement is true or false