Early industrialization was characterized by labor-saving technology, and this caused U.S. wages to be lower in the manufacturing industry than would otherwise have been the case
Indicate whether the statement is true or false
False
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As a possible approach to eliminating the government budget deficit, increasing taxes on the rich only would
A) not lead to a significant increase in tax revenues. B) lead to a significant increase in tax revenues. C) lead to an increase in real GDP. D) lead to a greater number of entitlements.
Market activity differs from government activity because
a. markets generally force prices to below-cost levels b. governments never charge for the services they provide c. markets do not use voluntary exchange mechanisms d. markets provide a direct link between benefits and costs e. governments have strong incentives to keep costs under strict control
According to Figure 6.1:
A. soup is a normal good.
B. soup is an inferior good.
C. soup is a Giffen good.
D. bread is an inferior good.
Which of the following events would definitely cause a decrease in the equilibrium price of cotton shirts?
What will be an ideal response?