During the antebellum period, the majority of the family labor on farms was devoted to investment type of activities—clearing land, constructing fences and buildings, and feeding and breeding livestock
Indicate whether the statement is true or false
False
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According to the classical model, investment
A) is a function of the nominal GDP. B) is inversely related to the interest rate. C) is a function of real GDP. D) is influenced by the money illusion at low income levels.
Andy spends $30 a week on movies and magazines. The price of a movie is $8, the price of a magazine is $2, and Andy sees 3 movies a week and buys 3 magazines
The price of a magazine increases to $4 and Andy's brother gives him $6 a week so that he can still see 3 movies a week and buy 3 magazines. In this situation, Andy will see ________ movies a week and buy ________ magazines. A) fewer than 3; fewer than 3 B) 3; 3 C) fewer than 3; more than 3 D) more than 3; fewer than 3
Markets are primarily responsible for the rapid rise in productivity during the twentieth century
a. True b. False Indicate whether the statement is true or false
What do economists mean by “rent seeking” among producers?
a. leasing space to foreign producers who want to house imported goods b. efforts to gain profits from government tariffs and import quotas c. investments in foreign companies holding licenses to import goods d. lobbying to keep foreign competition out of the domestic market