During the 1870s and 1880s, which technological innovation was NOT introduced?
a. the roller mill to process oatmeal
b. steel-bottomed stills
c. long-distance pipelines
d. the typewriter
e. All of the above were introduced.
All of the above were introduced.
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Increases in inventories are subtracted from GDP because they reflect output that is produced but not sold
a. True b. False
Assume a two-country, two-commodity, and two-input model. Let the two countries in this model be the United States and the Rest of the World and the two goods being produced by each of the countries be steel and wheat. The two factors of production used in producing the goods in each country are capital and land. If the United States is capital-abundant and steel production is capital-intensive, the Heckscher-Ohlin model would predict that the United States would
A. export wheat and import steel. B. import both the goods from the Rest of the World. C. export both the goods to the Rest of the World. D. export steel and import wheat.
A monopolist is producing at an output level at which MR = $6 and MC = $9. It could increase profits
A) by increasing both output and price. B) by reducing output and by increasing price. C) by reducing both output and price. D) by increasing output and by reducing price.
Evaluate from an economic perspective the issue of whether chief executive officers (CEOs) of corporations are overpaid
What will be an ideal response?