During the industrialization of the U.S., wealth was
(a) unequally divided among the population but accumulating.
(b) a product of a federal plan for economic development and growth.
(c) the sum of all revenue earned by U.S. households and businesses.
(d) none of the above.
(a)
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Workers in the United States were granted the legal right to engage in collective bargaining by the
A) National Labor Relations Act. B) Taft-Hartley Act. C) Landrum-Griffin Act. D) Knights of Labor Act.
Adverse selection is a problem that arises:
A. before the parties have entered into an agreement. B. after the parties have voluntarily entered into an agreement. C. either before or after the parties have entered into an agreement. D. rarely in any market.
Full employment occurs when
a. everyone has a job b. everyone who wants a job has one c. there is no frictional unemployment d. there is no cyclical unemployment e. there is no structural, frictional, and seasonal unemployment
Consider a game of the "Jack and Jill" type in which a market is a duopoly and each firm decides to produce either a "high" quantity of output or a "low" quantity of output. If the two firms successfully reach and maintain the cooperative outcome of the game, then
a. both the combined profit of the firms and total surplus are maximized. b. the combined profit of the firms is maximized but total surplus is not maximized. c. the combined profit of the firms is not maximized but total surplus is maximized. d. neither the combined profit of the firms nor total surplus is maximized.