A cottage industry is one that
a. produces rural housing
b. takes advantage of the division of labor
c. uses highly specialized resources in a complex production process
d. produces cottage cheese
e. carries out production in workers' homes
E
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Economist John Maynard Keynes noted one of the main contributors to the Great Depression in the 1930s was:
A. insufficient spending causing below natural rate output. B. an insufficient agriculture sector, unable to produce enough food for the large US population. C. poor infrastructure for manufacturing. D. a labor market that could not meet the demands of the market at the time.
Which of the following is the best example of a non excludable good?
A. National parks B. Cable TV C. Beer D. Television broadcast over the air
If the production function is Q = K.5L.5 and capital is fixed at 1 unit, then the average product of labor when L = 25 is:
A. 10. B. 1/5. C. 2/5. D. None of the answers are correct.
Loans made to customers are a liability on a bank's balance sheet.
Answer the following statement true (T) or false (F)