Which of the following is true?
A. The completion of the transcontinental railroad system in the 1880s eventually made the United States the world's first mass market.
B. Southern manufacturers benefited from high protective tariffs of the 19th century that kept out cheaper Japanese manufactured goods.
C. The canal system linking east-coast rivers with the Great Lakes in the 1820s created an "American economy" rather than just a series of regional economies located in one country.
D. Agricultural inventions such as John Deere's steel plows did little to improve farm productivity.
A. The completion of the transcontinental railroad system in the 1880s eventually made the United States the world's first mass market.
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Suppose the market-clearing price of wheat is $2.50 per bushel. At a price above $2.50,
A) supply would equal demand. B) quantity supplied would equal quantity demanded. C) quantity supplied would exceed quantity demanded. D) quantity supplied would be less than quantity demanded.
What distinguishes short-run cost analysis from long-run cost analysis for a profit-maximizing firm in the short run?
a. The size of the factory is fixed. b. There are no fixed costs. c. Output is not variable. d. The number of workers used to produce the firm's product is fixed.
A. good for the environment because richer economies spend more on environmental protection. B. bad for the environment because richer economies extract resources at a faster rate. C. good for the environment because richer economies produce fewer
chemicals. D. bad for the environment because people in richer economies tend to care less about the environment. A. countries with lower GDP per person tend to have healthier environments. B. countries with higher GDP per person tend to have healthier environments. C. there is no correlation between GDP per person and environmental quality. D. growth in GDP per person initially improves environmental quality and then gradually reduces it.
The demand for a good is inelastic. Which of the following would be an explanation for this?
A. The good costs a large portion of one's total income. B. The good is a necessity. C. The time interval considered is long. D. The good is specifically defined.