In the years immediately after the American Revolution
A. both labor and capital were scarce.
B. neither labor nor capital were scarce.
C. labor was scarce and capital was plentiful.
D. capital was scarce and labor was plentiful.
A. both labor and capital were scarce.
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Which of these signifies the role of money in any economy? a. It acts as a tool for poverty alleviation in an economy
b. It serves as a medium of exchange in an economy. c. It indicates the economic wellbeing of a nation. d. It helps to differentiate between the nominal and real income of a nation. e. It is a clear indicator of the growth in national income.
If equilibrium GDP is below potential, then
a. unemployment is unusually low b. the Fed will lower the money supply c. the wage rate will fall as workers compete for scarce jobs d. the aggregate supply curve will shift leftward e. the wage rate will remain stable as labor productivity increases
The long expansions during the 1990s and 2000s were the result of mass business adoption of computers and smart phones. This argument would be made by ________.
A. the Self-Correction View of macroeconomics B. Mainstream economists C. the Real Business Cycle theory D. the Monetarists
Answer the following statement(s) true (T) or false (F)
1. Changes in the price of resources do not help determine supply because those resources can be replaced by substitute goods. 2. Population changes are a key determinant of demand for goods and services. 3. Mae's Restaurant is the only establishment in town that sells cinnamon rolls. Mae therefore has a monopoly on the cinnamon roll business in town. 4. Competition in an oligopoly is centered more on making one product stand out from another than it is on price. 5. Products manufactured in foreign countries by U.S. companies are included in the U.S.'s gross domestic product (GDP).