From 1950 to 2007, manufacturing as a percentage of GDP changed from roughly ____ percent to roughly ____ percent
a. 10;25
b. 28;11
c. 25;50
d. 50;25
b. 28;11
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The average (mean) price of ten commodities is $330. If an eleventh commodity whose price is $600 is included in the calculation, the new average is:
A) $254.54. B) $354.54. C) $330.35. D) $450.25.
Assume there is an increase in demand in a perfectly competitive market that was initially in long-run equilibrium. Which of the following statements is false?
A) Consumers have shown that they now consider the good to be more valuable. B) In the short run, profits will be lower than normal. C) Resources from other industries will be attracted into the market. D) Over time, the market supply curve will shift right.
Which of the following is true of private ownership?
a. Private ownership links responsibility with the right of control. b. Private owners have little incentive to conserve natural resources for the future. c. Private owners have little incentive to develop and use their assets in ways others value. d. Private owners can do anything they want with the things they own regardless of the damage it does to the property of others.
The Federal Reserve was created in 1913 after a series of bank failures in 1907
a. True b. False Indicate whether the statement is true or false