All of the following statements present accurate information about 18th century New England except:
a. New England exported more fish than England.
b. Indian Corn was an important agricultural produce in New England.
c. New England had plentiful supplies of timber.
d. New England farms were large and highly productive.
d. Farms in New England were large and highly productive.
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In 1963, government economists assumed that the MPC for the United States was approximately 0.90. If taxes were cut by $9 billion, then consumer expenditures would initially be expected to
A. decrease by $9.0 billion. B. increase by $9.0 billion. C. decrease by $8.1 billion. D. increase by $8.1 billion.
One way to ensure cooperation in an infinitely repeated simultaneous game is
A) to always play the dominant strategy. B) to punish the player that reneges on agreements. C) to never punish any player. D) to always punish all players.
How does a vehicle mileage traveled tax reduce the externalities caused by automobiles?
What will be an ideal response?
A firm is currently producing 100 widgets using 4 units of labor and 12 units of capital. The firm's production function exhibits constant returns to scale. How many units of labor and capital are needed to produce 350 widgets?
A) L = 14; K = 42 B) L = 15; K = 45 C) L = 14; K = 44 D) L = 15; K = 42