Stanley Engerman's (1971) work on the economic impact of the Civil War (1861–1865) refuted a view sometimes called the Beard-Hacker thesis. This thesis holds that
(a) the Civil War (1861–1865) held back the ongoing processes of industrialization.
(b) the Civil War (1861–1865) accelerated the ongoing processes of industrialization.
(c) the Civil War (1861–1865)'s demands for manufactured goods increased American long-term dependency on foreign trade.
(d) the Civil War (1861–1865) was more disruptive of the "westward movement" than it was of ongoing processes of industrialization.
(b)
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Refer to Figure 5.1. All else equal, an increase in the number of workers will cause a
A) shift from PF1 to PF2. B) shift from PF2 to PF1. C) movement up and to the right along PF1. D) movement down and to the left along PF2.
If the price is $20 per unit, what is the break even amount of units for technology A?
a. 50 b. 60 c. 70 d. None-They would have to shut down
Which of the following items is included in U.S. GDP?
a. final goods and services that are purchased by the U.S. federal government b. intermediate goods that are produced in the U.S. but that are unsold at the end of the GDP accounting period c. goods and services produced by foreign citizens working in the U.S. d. All of the above are included in U.S. GDP.
The equilibrium price and quantity in a monopoly market:
A. causes no welfare costs. B. is efficient. C. causes a loss of total surplus. D. is the same as a perfectly competitive market.