John D. Rockefeller was the leader of the _____ trust.
A. oil
B. whiskey
C. railroad
D. tobacco
A. oil
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A student makes the following statement: "The real problem with pure public goods is that they are nonrival and nonexcludable." Explain whether you agree or disagree with the student's statement
What will be an ideal response?
When analyzing the impact of government consumption and taxes in an open economy, we exclude transfer payments because:
a. they are not paid for by taxes. b. in the aggregate, they do not generate a change in total spending on goods and services. c. the sums are so large as to be incalculable. d. the sums are so small as to be insignificant.
Which of the following do economists consider to be the main way to improve living standards for workers?
A. Falling price levels. B. Lower saving rates. C. Growth in the labor force. D. Productivity growth.
In 2017, President Trump considered imposing a tariff on automobiles assembled by U.S. manufacturers in Mexico that were to be sold in the United States. If this tariff was imposed and as a result, some of these manufacturers moved their automobile
assembly from Mexico back to the United States, these firms would be reacting to which of the three key economic ideas? A) Firms attempt to maximize revenues. B) Optimal decisions are made at the margin. C) People are rational. D) People respond to economic incentives.