The soil of the Middle Colonies is generally:
a. rocky and sandy.
b. fertile and difficult to till.
c. fertile and easy to till.
d. alkaline and poorly drained.
c. fertile and easy to till.
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If the average total cost is increasing over a given output range, the average total cost must be smaller than the marginal cost.
Answer the following statement true (T) or false (F)
Under the rational expectations hypothesis, if wages adjust rapidly to new information about intended policy actions, monetary policy can have an effect
A) in the long run, but not the short run. B) only in the short run and only if the policy is unanticipated. C) in both the short and the long run. D) only in the long run and only if the policy is fully anticipated.
Injections to the economy include consumption, investment, and government spending
a. True b. False Indicate whether the statement is true or false
If minimum wage is set below equilibrium wage rate, no effect.
What will be an ideal response?