The sharp decline in domestic freight costs during the antebellum period was primarily due to the introduction of:
a. railroads.
b. paved roads.
c. clipper ships.
d. canals and steamboats.
d. canals and steamboats.
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Suppose the market clearing price for apples falls from $3.00 to $2.00 per pound, and the overall market clearing output increases from 1 million to 2 million pounds. How can we explain the fall in price and increase in market output?
A) Supply decreased and demand remained unchanged. B) Supply remained unchanged and demand decreased. C) Demand increased and supply remained unchanged. D) Demand remained unchanged and supply increased.
Suppose the economy of Georgia can produce pecans and peanuts. Suppose the economy can either produce 10,000 pecans or 15,000 peanuts if full specialization in one good were to occur
What is the opportunity cost of increasing pecan production from 5,000 to 10,000 pecans? A) 1,000 peanuts B) 5,000 peanuts C) 7,500 peanuts D) 10,000 peanuts
If the MRP of labor decreases, labor:
a. demand will decrease. b. demand will increase. c. supply will increase. d. supply will decrease. e. demand and supply will be unaffected.
A bank's capital is: a. the value of all its assets, including loans
b. the value of all its assets, excluding loans. c. the value of its physical plant, including buildings, computers, and automatic teller machines. d. the difference between its assets and liabilities.