Which/who of the following was NOT an opponent to rechartering either the First or the Second Banks of the United States?
(a) Andrew Jackson
(b) Private banks
(c) Nicholas Biddle
(d) Rural interests
(c)
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The underlying fluctuations in real GDP due to the business cycle are reflected by fluctuations in
A) inflation. B) population growth. C) the labor force. D) real GDP per capita.
Under socialism, which of the following industries would probably be owned by the government?
a. Steel. b. Electricity. c. Agriculture. d. All of these.
A production possibilities curve has a downward slope because
a. increased production of one good always reduces the additional profit of production. b. decreased production of one good is associated with lower profit from that good. c. economists have a negative view of life and human nature. d. increased production of one good always reduces production of the other. e. increased production of one good necessarily causes production of other goods to increase.
As competitors enter a monopolistically competitive industry, the incumbent firms demand curves shift
a. To the left and become less elastic b. To the right and becomes less elastic c. To the left and becomes more elastic d. To the right and becomes more elastic