In 1860, ______________ was the top industry as ranked by value added
a. cotton goods
b. boots and shoes
c. men's clothing
d. iron
a. cotton goods
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Protection of an infant industry should be withdrawn once that industry:
a. charges the same price as foreign competitors. b. goes public on the stock exchange. c. raises a large amount of sales revenue. d. achieves sufficient size to compete with foreign firms. e. earns enough profit as a result of the subsidies to remain in business.
Larger firms will often have lower minimum per-unit costs than smaller firms because
a. employee shirking is less of a problem. b. large-scale output allows greater specialization for both labor and machines in the production process. c. mass production techniques, with high setup and development costs, are appropriate only when a small output is planned. d. all of the above are correct.
Refer to Figure 36.3 for the dollar-Swiss franc foreign exchange market. Which of the following is true?
A. An increase in supply from S1 to S2 could be caused by an increase in Swiss demand for U.S. corn. B. An increase in supply from S1 to S2 could be caused by an increase in the U.S. demand for Swiss chocolate. C. The Swiss franc appreciates in value compared to the U.S. dollar when supply decreases from S2 to S1. D. The U.S. dollar appreciates in value compared to the franc when supply increases from S1 to S2.
"Economics deals with human needs." Do you agree or disagree? Why?
What will be an ideal response?