Between 1850 and 1950 the productivity of the average American farm worker
A. declined.
B. remained about the same.
C. doubled.
D. quadrupled.
D. quadrupled.
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Though the theory of purchasing power parity applies in the long run, it is unlikely to apply in the short run, because ________
A) foreigners purchase only tradable goods B) countries do not produce identical goods C) prices are sticky D) price levels change quickly
According to the textbook (based upon 2011 data), if the bottom half of all U.S. income tax payers were allowed to stop paying the income tax entirely and the top 50% continued to pay as they do now, tax revenues to the government would drop by about
A) 2.9 percent. B) 15.7 percent. C) 23.9 percent. D) 33.3 percent. E) 50.8 percent
Fly-By-Night Inc. issues $100 face value, zero-coupon, one-year bonds. The current return on one-year, zero-coupon U.S. government bonds is 3.5%. If the Fly-By-Night bonds are selling for $92.00, what is the risk premium for these bonds?
A. 5.2% B. 8.0% C. 8.7% D. 1.5%
Answer the following statement true (T) or false (F)
1) Products and services are scarce because resources are scarce. 2) An economy cannot produce at a point outside of its production possibilities curve because human economic wants are insatiable. 3) An economy cannot produce at a point outside of its production possibilities curve because human economic wants are insatiable. 4) The present choice of position on the production possibilities curve will not influence the future location of the curve.