According to Williamson and Lindert, during the antebellum period increasing wealth concentration occurred in the U.S
a. within regions.
b. within age groups.
c. among the native born.
d. among the foreign born.
e. All of the above.
e. All of the above.
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The Federal Reserve System is under the strict control of
a. the executive branch b. the legislative branch c. the judicial branch d. the International Monetary Fund e. none of the above
The dynamic process of competition
a. provides profit-seeking sellers with little incentive to heed consumer preferences. b. was shown by Adam Smith to be a major source of economic inefficiency. c. provides consumers with alternative suppliers and thus a mechanism with which they can discipline sellers. d. will permit business decision makers to earn long-run economic profit unless they are regulated by government officials.
The demand curve for a factor is that part of the MRP where marginal product is
A. rising. B. falling. C. positive. D. negative.
How is a firm affected by an increase in employment at a level less than Q*?
a. Additional workers add profits. b. The market wage exceeds marginal revenue product. c. Individual workers have a strong effect on wages. d. The firm experiences a labor surplus.