Which statement best describes the relationship between steamboats, keelboats and flatboats on the Mississippi River in the antebellum period?
a. Steamboats were substitutes for both keelboats and flatboats.
b. Steamboats were complements for both keelboats and flatboats.
c. Steamboats were substitutes for keelboats and complements for flatboats.
d. Steamboats were substitutes for flatboats and complements for keelboats.
c. Steamboats were substitutes for keelboats and complements for flatboats.
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The prime engine of growth in market economies is
A) government spending B) consumer spending C) innovation D) private saving
Why are laws aimed at regulating monopolies called "antitrust" laws?
A) "Trust" was a word in Old English that meant monopoly in the Middle Ages. Therefore, "antitrust" is a term that means "against monopoly." B) In the late 1800s, firms in several industries formed trusts; they were called "trusts" because when corporate officials were questioned about their business they would clam that business was good for the country and that they should trusted. C) The rise of large firms (e.g., Standard Oil) in the late 1800s in the United States caused consumers to lose trust in private business. D) In the late 1800s, firms in several industries formed trusts; the firms were independent but gave voting control to a board of trustees. Antitrust laws were passed to regulate these trusts.
Assuming that the median voter model accurately explains how public sector decision are made, resources will be allocated efficiently if _____
a. preferences are single-peaked and individuals prefer outcomes closer to their preferred outcome rather than outcomes farther away b. rational ignorance and cyclical majorities are not present c. resources were already allocated efficiently in the private sector d. the median voter's demand is the same fraction of total demand as his tax share is of total taxes
Nominal GDP is $10,000 billion in 2011, but real GDP is only $9,000. It follows that:
a. the GDP deflator is equal to 111 b. the GDP deflator is equal to 100. c. the GDP deflator is equal to 90. d. prices must have decreased relative to the base year.