Historians generally agree that the railroads
(a) were absolutely essential for industrial growth in the 19th century.
(b) were an indispensable "leading sector."
(c) were our first "giant" enterprises.
(d) provided a "social saving" of 90% or more.
(c)
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The multiplier is defined as the ratio of a change in income to the
A) marginal propensity to save. B) marginal propensity to consume. C) change in the marginal propensity to consume causing it. D) change in the marginal propensity to save causing it. E) change in planned autonomous spending causing it.
Suppose a firm has the following total cost function: TC = 100 + 4q2. What is the minimum price necessary for the firm to earn profit? Below what price will the firm shut down in the short run?
What will be an ideal response?
The story in the text about playing tennis outside even though you paid for an inside court illustrates which of the following?
A. Rational choice analysis is what comes naturally to most people. B. Psychologically, people often do not treat sunk cost as irrelevant to a decision. C. People will make efficient decisions without knowing what they are doing. D. All of these are implied by the tennis court story.
The assumption for perfect competition and monopolistic competition that enables economic profit to move towards zero is
A. freedom of entry and exit. B. homogeneous products. C. government involvement. D. perfect Information.