In 1910 _____________ of children between the ages of 10 and 15 had jobs, but by 1920, this percentage had fallen to ____________
a. 50 percent; 25 percent
b. 30 percent; 20 percent
c. 20 percent; less than 10 percent
d. 10 percent; less than 1 percent
c. 20 percent; less than 10 percent
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Mr. Clooney inherited a sum of $30,000 in 1990. If the price index for 1990 was 100 and the price index for 2014 is 188, the value of the money he inherited in 2014 dollars is ________
A) $45,200 B) $56,400 C) $38,800 D) $48,000
An assumption behind the infant-industry argument for tariff protection is that
A) foreign competitors are selling output below average cost. B) the domestic industry will be facing an upward adjustment in its average cost. C) the domestic industry will eventually gain a comparative advantage in producing the good. D) the market needs additional competition to satisfy consumer demand.
The labor demand curve:
A. shows the relationship between the total quantity of labor demanded by all the firms in the economy and the wage rate. B. shows that, all things being equal, firms will want to hire more labor when wages are lower and less labor when wages are higher. C. has a negative slope. D. All of these are true.
Between 1980 and 1990, the national debt
a. decreased from approximately $300 billion to $100 billion b. decreased from approximately $3 trillion to $1 trillion c. as a percent of GDP, decreased d. remained relatively unchanged as a percentage of GDP e. increased from approximately $1 trillion to over $3 trillion