During a serious recession we would expect output to fall the most in:
What will be an ideal response?
the machinery and equipment industry
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Most private turnpikes failed to earn profits because
a. tolls were easily avoided. b. it was too costly to carry freight by land carriage. c. they faced extensive competition from steamboats, canals and railroads. d. dishonest gatekeepers often pocketed the tolls collected. e. All of the above.
If a production possibilities frontier (PPF) is concave outward, it follows that
A) opportunity costs are constant between two goods. B) the opportunity cost (of producing the good on the horizontal axis) rises as more of the good is produced. C) the opportunity cost (of producing the good on the horizontal axis) falls as more of the good is produced. D) the opportunity cost (of producing the good on the horizontal axis) first rises and then falls as more of the good is produced. E) none of the above
When the economy is going strong the:
A. demand for workers decreases. B. supply of workers increases. C. demand for workers increases. D. supply of workers decreases.
Consumers pay the part of a tax associated with a higher price for the product.
Answer the following statement true (T) or false (F)