Deciding how a society's products are distributed among its citizens answers the economic question of:
A. "Who consumes the products produced?"
B. "What products will be produced?"
C. "Where will the products be consumed?"
D. "How will the products be produced?"
Answer: A
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The president of which Federal Reserve bank is always a voting member of the Federal Open Market Committee?
A) Philadelphia B) Boston C) Chicago D) New York
Conrad and Meyer (1958) found evidence to support the claim that the annual rates of return to slave agriculture were
(a) high enough to attract investment funds away from other alternatives in the cotton South. (b) high enough to benefit the entire Southern economy through the profits generated and the backward and forward links to other businesses. (c) relatively low in the new frontier, thus encouraging the new cotton producing areas of the South to move away from the slave system. (d) low enough that the people in the North could purchase the slaves and free them at minimal cost.
Compared with the 19th century, during the colonial period technological changes that raised output relative to inputs:
a. were slow and steady. b. increased in the early part of the period, but fell off dramatically after 1643. c. remained minor and sporadic. d. increased dramatically after 1643.
Which is true of a single price monopoly firm?
A. Its supply curve is equal to its marginal cost function. B. It creates more welfare loss to society than a perfect price discriminating monopolist. C. An increased profits tax will lower the quantity the firm will produce. D. Its shutdown point is where ATC = price.