Important steps in the growth of the wage-labor system of the North in the early 19th century include which of the following?
(a) The advancement of many of the old skilled crafts and apprenticeship systems by the factory system
(b) The fall in the demand for unskilled labor created by transportation improvements
(c) The complication of work tasks in the factory, which allowed the use of women and child labor
(d) Large-scale migration to the U.S. of relatively unskilled workers who sought jobs in the cities and factories
(d)
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Health insurance was not an important policy issues prior to 1940 because _____
a. less than 10 percent of the U.S. population had health insurance b. health care was so cheap c. of the widespread ability of local charitable hospitals d. most individuals were covered by veteran health benefits
A current concern about Social Security is that
A) funds set aside by past generations to pay benefits for future generations are growing too rapidly and may trigger inflation. B) promised benefit payouts are growing more rapidly than likely sources of revenues, indicating a future inability to keep the system operating. C) continued political bickering between the president and Congress could lead to an end to any funding of the program. D) the payroll taxes used to fund the program are being eliminated as part of an effort to generate employment increases, thus leaving the program bankrupt.
The deadweight loss of a tax is
a. the reduction in economic welfare of taxpayers that exceeds the revenue raised by the government. b. the improved efficiency created as people reallocate resources according to the tax incentive rather than the true costs and benefits. c. the loss in tax revenues. d. Both a and b are correct.
In a particular production process, if the quantities of all inputs used double, then the quantity of output doubles as well. This means that
a. the production process cannot be enhanced by technological advances. b. no mathematical representation of the relevant production function can be formulated. c. the relevant production function has the limits-to-growth property. d. the relevant production function has the constant-returns-to-scale property.