One of the main reasons that explains why the Industrial Revolution started in Britain is that:
A) economic agents in Britain opposed creative destruction.
B) Britain was a command economy.
C) Britain had inclusive institutions.
D) property rights were absent in Britain.
C
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The quantity supplied of corn is the number of bushels that corn farmers want to sell under the current market conditions, while the supply of corn is a set of price-quantity pairs showing the amounts that farmers wish to sell at various hypothetical prices. According to the law of supply, a rise in the price of corn will cause a rise in the quantity supplied of corn. Non-price factors that positively affect corn growers (such as improved weather conditions, better agricultural technology, and lower costs of fertilizer, seed, labor, and other inputs) would cause a rise in the supply of corn. A rise in quantity supplied is shown by moving up and to the right along the supply curve, and a rise in supply is shown by shifting the supply curve down and to the right.
What will be an ideal response?
Assume that the full-employment level of output is $1,000 and the price level associated with full-employment output is 100. Also assume that the economy's current level of output is $1,100 and, at the price level of 100, current aggregate demand is $1,200. If the government wants to move the economy back to the full-employment level of output and the MPC is 0.75, then it should
A. reduce government purchases by $100. B. reduce government purchases by $200. C. reduce government purchases by $50. D. reduce government purchases by $25.
From a firm’s point of view, unionized labor might _______________ because union workers tend to stay longer at a job.
a. increase productivity b. drive wages down c. decrease productivity d. drive the company out of business
In a two-country framework, if the opportunity cost of producing a good is equal in both countries, _____
a. trade will favor the country with better technology b. trade is not possible between the countries c. trade will be equally beneficial to both the countries d. trade will favor the country with a greater labor force