What best describes the antebellum economy?
a. By 1860 the size of most American firms was comparable to the size of firms today.
b. Manufacturing had replaced agriculture as the largest sector of employment in the US.
c. Heavy equipment was one of the top-three manufacturing sectors.
d. The U.S. developed many new ways of combining factors of production to substitute capital for labor.
d. The U.S. developed many new ways of combining factors of production to substitute capital for labor.
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A current account deficit is
A) good because a country wants to own the others. B) bad because every country should have a surplus. C) good because it allows to smooth consumption. D) it does not matter.
Hydraulic fracking involves pumping millions of gallons of chemically treated water into the wells at pressures of 9,000 pounds per square inch or more
a. True b. False Indicate whether the statement is true or false
The form of public debt that matures in 3, 6, or 12 months is
a. Treasury bond b. Treasury bill c. Treasury note d. U.S. savings bond e. U.S. savings bill
A village has five residents, each of whom has an accumulated savings of $50. Each villager can use the money to buy a government bond that pays 10 percent interest per year or to buy a year-old goat, send it onto the commons to graze, and sell it after one year. The price of the goat that the villager will get at the end of the year depends on the amount of weight it gains while grazing on the commons, which in turn depends on the number of goats sent onto the commons, as shown in the table below. Assume that if a villager is indifferent between buying a bond and buying a goat, the villager will buy a goat.Number of goatson the commonsPrice per 2-yearold goat ($)Income pergoat ($/year)180302752537020465155555 If the villagers purchase the socially optimal number of goats and bonds,
then total village income will be ________. A. $15 B. $125 C. $250 D. $70