Which of the following describes what happened to the economy of the South after the Civil War?
A. The South, with the aid of new capital investment, public and private, became industrialized two decades after the Civil War.
B. The transcontinental railroads that were completed in the 1860s, 1870s, and 1880s played a key role in the industrialization of the South in the 1880s and 1890s.
C. The South remained the poorest region in the country until the growth of the Sun Belt took off in the 1960s.
D. The South remained a largely agricultural section of the economy until the 21st century.
C. The South remained the poorest region in the country until the growth of the Sun Belt took off in the 1960s.
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Suppose that in October the price of a cup of cafe latte was $2.50 and 400 lattes were consumed. In November the price of a latte was $2.00 and 300 lattes were consumed. What might have caused this change?
A) The price of tea (a substitute for cafe lattes) rose. B) The price of tea (a substitute for cafe lattes) fell. C) The price of coffee beans (an input of production of cafe lattes) rose. D) The price of coffee beans (an input of production of cafe lattes) fell.
When budget deficits during recessions are covered by budget surpluses during expansions, it is called: a. an annually balanced budget. b. a cyclically balanced budget. c. crowding out
d. crowding in. e. a biennial balanced budget.
Suppose there are only two people in the world. Each person's production possibilities frontier also represents his or her consumption possibilities when
a. neither person faces trade-offs. b. the frontiers are straight lines. c. the frontiers are bowed out. d. they choose not to trade with one another.
If the price rises and the total amount consumers spend on the good rises, then demand must be
A. inelastic. B. perfectly inelastic. C. elastic. D. perfectly elastic.