The use of interchangeable parts in armament production by Whitney and North:

a. caused machinery to be replaced by skilled labor.
b. capital-labor proportions in the US to remain equal to those in England.
c. allowed producers to raise the price of guns.
d. increased the demand for skilled labor.


d. increased the demand for skilled labor.

Economics

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A) above; higher B) above; lower C) below; higher D) below; lower

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The 4-year term of the president of the Fed is coterminous with the 4-year term of the president of the U.S

a. True b. False

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In which of the following cases would real income rise?

A. Nominal income rises by 8 percent and the price level rises by 10 percent. B. Nominal income rises by 2 percent and the price level remains unchanged. C. Nominal income falls by 4 percent and the price level falls by 2 percent. D. Real income will rise in all of these cases.

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A recession is a period during which

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Economics