The rapid accumulation of capital and worker skills in the United States in the 1800s
A. resulted in an increase in the export of natural resources by the country.
B. resulted in rapid deindustrialization in the country.
C. made the United States more dependent on imported minerals.
D. made the United States more self-sufficient and led to a reduction in its trade volume.
Answer: C
You might also like to view...
What do most empirical studies of labor supply in the United States conclude concerning the elasticity of labor supply and what implication does this have with respect to who bears the burden of the payroll tax?
What will be an ideal response?
Suppose that opportunity costs are constant and that Fred can either bake a maximum of six pies or three cakes in a day. Ethel can produce a maximum of eight pies or two cakes in a day. Ethel has an comparative advantage in the production of
A) cakes. B) pies. C) both cakes and pies. D) neither cakes nor pies.
If a surplus of a product currently exists in the market,
a. the market price is too low. b. the quantity demanded exceeds the quantity supplied at the current price. c. the quantity supplied exceeds the quantity demanded at the current price. d. there is a shortage of the product. e. there will be a tendency for the price to rise.
In the short run, an extremely large budget deficit run by a government can: a. shift the aggregate demand curve to the right and cause deflation
b. shift the aggregate demand curve to the left and cause unemployment. c. shift the aggregate demand curve to the right and cause severe inflation. d. shift the aggregate demand curve to the left and cause underemployment.