According to Rosenberg (2004), the U.S. economy between the Civil War and World War II was relatively poor in which of its productive resources?
(a) Land
(b) Labor
(c) Capital
(d) Entrepreneurial talent
(b)
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According to this Application, some economists believe that recessions which are caused by ________ normally have ________ recoveries
A) high oil prices; faster B) financial crises; faster C) high oil prices; slower D) financial crises; slower
If aggregate demand just decreased, which of the following may have caused the decrease?
A) a decrease in the price level B) a decrease in imports C) a decrease in the interest rate D) a decrease in exports
The market basket approach:
A. gives us a single number that represents how changing prices affect the typical consumer. B. gives us a list of what the typical consumer buys and the average price change of those goods. C. tells us how the prices of all goods and services in an economy change over time. D. tells us exactly how people change what they buy from year to year.
The value-added tax is a(n)
a. direct tax. b. indirect tax. c. flat tax. d. income tax.