The Southern economy ________________ from the damages of the Civil War.
A. quickly recovered
B. experienced no lingering effects
C. suffered decades of economic transition
C. suffered decades of economic transition
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Just like a monopolist, a monopolistically competitive firm:
A. cannot sell additional units of output without lowering the price. B. is a price taker. C. sets the price according to marginal revenue and marginal cost; the demand curve doesn't matter. D. faces a perfectly elastic demand curve.
Given a fixed nominal interest rate on a loan, unanticipated inflation:
a. decreases the burden of paying off the loan. b. increases the burden of paying off the loan. c. does not alter the burden of paying off the loan. d. benefits savers.
If the value of a nation's merchandise imports exceeds merchandise exports, the nation is running a
What will be an ideal response?
Table 1.1 shows the hypothetical trade-off between different combinations of Stealth bombers and B-1 bombers that might be produced in a year with the limited U.S. capacity, ceteris paribus.Table 1.1Production Possibilities for BombersCombinationNumber of B-1 BombersOpportunity cost(Foregone Stealth)Number of Stealth BombersOpportunity cost (Foregone B-1)S0NA10 T1 9 U2 7 V3 4NAOn the basis of Table 1.1, you may infer that the law of increasing opportunity costs applies to increasing production of
A. Stealth bombers but not to B-1 bombers. B. B-1 bombers. C. Both B-1 bombers and Stealth Bombers. D. Neither B-1 bombers or Stealth Bombers.