Which of the following has been one of the most productive sectors of the U.S. economy through the 19th, 20th and 21st centuries?
A. Textiles
B. Steamships
C. Steel
D. Agriculture
D. Agriculture
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If marginal revenue and marginal cost are not equal, profit can be maximized by
A. increasing output if MR > MC. B. decreasing output if MC > MR. C. moving to the output where the slopes of TR and TC are equal. D. All of the responses are correct.
Assume the government decides to reduce spending in order to reduce the budget deficit, which it financed by borrowing in the real credit market. Where and how should you begin your analysis when analyzing the chain reaction of economic interactions?
a. Start the analysis in the real goods market with aggregate demand shifting to the right. b. Start the analysis in the real goods market with aggregate supply shifting to the left. c. Start the analysis in the real goods market with aggregate supply shifting to the right. d. Start the analysis in the real credit market with demand for real credit shifting to the left. e. Start the analysis in the real credit market with demand for real credit shifting to the right.
The goal of the consumer price index is to gauge how much incomes must rise to maintain a constant standard of living
a. True b. False Indicate whether the statement is true or false
In the past there have been violent protests against the World Bank and the World Trade Organization. The protesters argued that these institutions promote free trade and also encourage corporations in rich countries to invest in poor countries. The protesters contended that these practices make rich countries richer and poor countries poorer. An economist would
a. disagree with the protesters because these practices will help make both rich and poor countries richer. b. disagree with the protesters about free trade, but would agree with the protesters about corporate investment. c. disagree with the protesters about corporate investment, but would agree with the protesters about free trade. d. agree with the protesters.