The most significant kind of federal subsidy to railroads was
a. loans from the U.S. government.
b. reduced corporate income taxes.
c. land grants.
d. direct payments based on the number of miles of tracks laid.
c. land grants.
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The largest component of consumption spending is spending on nondurable goods
Indicate whether the statement is true or false
A cartel is a group of sellers of a single product who have joined together in order to enjoy the advantages of perfect competition
a. True b. False Indicate whether the statement is true or false
An inflationary gap will occur when
a. real GDP exceeds nominal GDP. b. nominal GDP exceeds real GDP. c. real GDP exceeds potential GDP. d. potential GDP exceeds real GDP
The manager of a shoe-manufacturing unit divides workers into three groups and assigns them tasks based on their skill sets. Some are assigned the task of designing shoes, some are assigned the task of manufacturing shoes, and the rest are asked to pack the shoes. This is: a. an example of specialization of labor
b. likely to increase the total cost of manufacturing shoes. c. likely to increase the marginal cost of producing additional shoes. d. an example of wage discrimination among workers.