Between 1870 and 1920, the U.S. labor force:
a. grew at about the same rate as the population.
b. grew more rapidly than the population.
c. fell despite rising population.
d. grew at a slightly lower rate than the population.
b. grew more rapidly than the population.
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Accelerator theory refers to the theory of
A) consumption that emphasizes that current consumer spending depends positively on the expected future growth of GDP. B) investment that emphasizes that current investment spending depends positively on the expected future growth of government spending. C) consumption that emphasizes that increases in consumption spending will result, through the multiplier effect, in greater increases in GDP. D) investment that emphasizes that current investment spending depends positively on the expected future growth of GDP.
The median voter model
A) works well in the area of trade policy. B) is not intuitively reasonable. C) tends to result in biased tariff rates. D) does not work well in the area of trade policy. E) is not widely practiced in the United States.
If Best Dogs only sells their hot dogs in packages of eight, all of the following are true except which one?
A) Best Dogs' customers are spending the consumer surplus they would have received on the first few hot dogs on the last few hot dogs. B) Best Dogs has market power. C) Best Dogs is practicing second-degree price discrimination. D) Best Dogs is changing consumer surplus into profit.
A production possibility graph slopes down because of:
A. the law of increasing costs. B. scarcity. C. inefficiency. D. unemployment.