In the antebellum period, most large manufacturers relied on the _____________ for power
a. undershot water wheel
b. overshot water wheel
c. breast water wheel
d. water turbine
c. the breast water wheel
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A major corporation hires high school students on a part-time basis. It offers a reward of $5,000 to any of its high school seniors who graduate college in four years
What is the present value of that reward to a student who just finished her junior year of high school, assuming a nominal rate of interest of 8%?
If price is $5, marginal cost is $5, average total cost is $3, and the quantity produced is 150 units, then the perfectly competitive firm is
A) not maximizing economic profit. B) earning $2 in economic profits and is maximizing economic profits. C) earning $150 in economic profits and is not maximizing economic profits. D) earning $300 in economic profits and is maximizing economic profits.
When there is an increase in the wage rate there will be
a. both a substitution effect and an income effect. b. only a substitution effect. c. only an income effect. d. either a substitution effect or an income effect.
Money is essentially defined by
A) the intrinsic value of what is being used as money. B) the judicial branch. C) the government. D) social usage.