In the North, the Civil War:
a. led to increased output of boots and shoes.
b. led to increased output of iron for railroads.
c. increased textile mill production to capacity.
d. was accompanied by a relatively low unemployment rate.
e. All of the above.
d. was accompanied by a relatively low unemployment rate.
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People increase their labor supply in response to a temporary increase in government purchases because
A) current or future taxes will increase, making them financially worse off. B) they need to work more to keep up with their neighbors. C) interest rates will rise, causing a substitution effect. D) higher spending today will lead to higher spending in the future, as well.
When the social costs of producing or consuming a good exceed the private costs, _____
a. a positive externality exists b. an inefficiently high quantity of the good will be produced and consumed, from the society's point of view c. the direct consumers of the good will bear the external costs d. the individuals involved in the production of the good do not bear the private costs e. the quantity of the good produced will be less than the socially efficient level
The income effect and the substitution effect offset each other at point
A. I.
B. J.
C. K.
D. S.
An increase in the price of a good or service leads to a(n) ________ that leads to a(n) ________.
A. increase in demand; shift of the demand curve B. increase in quantity demanded; shift of the demand curve C. decrease in quantity demanded; movement along the demand curve D. decrease in demand; movement along the demand curve