Which of the following statements provides the most accurate description of the employment growth rate in various sectors of the economy between 1860-1910?
a. All major sectors grew with the exception of agriculture and construction.
b. All major sectors grew, and agriculture grew the most.
c. The manufacturing sector grew the most, followed by railroads, but agricultural employment decreased.
d. All major sectors grew, and railroads grew the most.
d. All major sectors grew, and railroads grew the most.
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A deficit is defined as
A) the excess of total revenues over total expenditures. B) the sum of all past borrowing by the government. C) the excess of total expenditures over total revenues. D) government spending plus transfer payments.
Individuals A and B both produce good X. A has a comparative advantage in the production of good X if A
A) has a lower opportunity cost of producing good X than has B. B) has a lower opportunity cost of producing good X than of producing good Y. C) can produce more units of X in a given time period than can B. D) can produce X using newer technology than can B.
The firm depicted in Figure 8.1 is:
A) earning a positive economic profit. B) incurring an economic loss and should shut down. C) incurring an economic loss but it should continue to operate in the short run so long as price exceeds average variable costs. D) earning a zero economic profit.
Public transit offers discounted monthly passes to students, which can only be bought and used with valid student IDs. The transit system is using
a. A direct discrimination scheme b. An indirect discrimination scheme c. The Robinson-Patman act d. None of the above