Between 1860 and 1914, the growth rate in industrial production
(a) fell behind the growth in the overall U.S. population.
(b) outpaced the growth rates in the labor force and population.
(c) was less than the growth rate in agricultural production.
(d) fell behind both the growth rate in agricultural production and that of the overall U.S. population.
(b)
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The mayor of Nizambora wants to set up street lights in every locality. The cost of setting up street lights in each locality is $900 . The estimated population of each locality is 100 . Despite not paying for the streetlights, the citizens where asked how much they were willing to pay for them. This was found to be $10 per person. Should the government provide street lights to every locality?
Suppose the market for nursing services in a local community is so dominated by a single community hospital that for all practical purposes it is considered a monopsony. Using the diagram below, answer the question. If the market were perfectly competitive instead of dominated by a monopsonist, what would the equilibrium wage and level of employment be?
a. W2 and E0 b. W0 and E2 c. W1 and E1 d. W0 and E1 e. W0 and E0
If consumption equals 10, investment equals 8, government purchases equal 7, exports equal 5 and imports equal 3, what is the GDP?
a. 11 b. 13 c. 25 d. 27
Concentration ratios may be inaccurate indicators of the degree of monopoly power in an industry because:
A. they include interindustry competition. B. foreign competition is not considered. C. they are only calculated for local and regional markets. D. they do not distinguish between normal and economic profit.