Which of the following is least accurate about the meat packing industry about 1900?
a. The 1898 "embalmed beef" scandal documented how adulterated beef was provided to the American Army during the Spanish-American War.
b. Upton Sinclair's 1906 novel The Jungle raised national concern about the unsanitary conditions involved in meat processing.
c. Meat packing firms welcomed government regulation of the industry because it gave firms clear and accurate public information about the shipments of every other firm, which helped firms to engage in cartel behavior.
d. Federal regulations helped level the playing field so that small firms could compete more easily against large firms.
d. Federal regulations helped level the playing field so that small firms could compete more easily against large firms.
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If the nominal interest rate in an economy is 6%, and the rate of inflation in the economy is 4%, the real interest rate in the economy is:
A) 10%. B) 24%. C) 1.5%. D) 2%.
Gross Domestic Product is the
a. least inclusive aggregate used to measure the economy. b. total of goods and services desired by consumers. c. most comprehensive measure of total output in the United States. d. most accurate measure of the trade balance of the United States.
A change in a fixed tax will cause the consumption schedule to
A. become steeper. B. become flatter. C. shift in a parallel manner. D. remain fixed as the economy moves along the schedule.
What real or potential economic problem is posed by the public debt and its growth?
A. It can lead the nation to bankruptcy. B. It may crowd out investment in new capital goods. C. It causes expansionary economic policy making. D. It places an unwarranted economic burden on future generations.