Each of these is a category of C except
A. durables.
B. nondurables.
C. residential construction.
D. services.
C. residential construction.
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Which of the following is the most accurate statement about the Native Americans during the colonial period?
a. There is a strong consensus among historians about the size of the Native American population at the time of arrival of the first European settlers. b. Native Americans rarely formed trading alliances with the European settlers. c. The significant deterioration of the Native American population occurred after 1825, when the US started to expand to the west. d. The susceptibility to disease was one of the primary reasons the Native American population declined.
Thomas Edison once complained that he was not making a profit selling light bulbs because his plants were operating 25 percent below capacity. He estimated that he could increase output 25 percent with a 2 percent increase in the cost of production. He sold the 25 percent on the foreign market at a price below what he called the "cost of production." We can deduce that Edison really meant
a. Marginal cost was below average cost but less than marginal revenue. b. Average cost exceeded variable cost, which exceeded marginal revenue. c. Variable cost exceeded fixed cost but was less than marginal revenue. d. Marginal cost was above average cost but greater than marginal revenue.
Which of the following policies is designed specifically to directly promote technological change in an economy?
A) laws to strengthen property rights B) government subsidization of research and development C) tax incentives to promote investment in 401K plans D) a vaccination program to combat infectious diseases
Macroeconomic models are
A) never wrong. B) accurate descriptions of the economy. C) simple abstractions of reality. D) consistent with all economic data.