From the early 1860s to the early 1900s, the amount of land acquired by sales (including from railroads and states) was _____ land obtained free through homesteading
a. roughly half as much as
b. about the same as
c. twice as much as
d. triple the amount of
c. twice as much as
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Profits of a monopoly are driven to zero
a. Immediately in the short-run as assets freely move from low-valued uses to high-valued uses instantly b. In the long run because the demand curve becomes more inelastic c. In the long run because the assets eventually move from low to high valued use d. In the short run because the demand curve becomes more elastic
The advantages of the U-Form of firm organization is
a. workers develop a high degree of functional expertise b. information can be easily shared between similarly trained employees within units c. evaluating employees is easier because managers typically are similarly trained d. all of the above
Explain how the law of comparative advantage does benefits developing countries.
What will be an ideal response?
When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline