Between 1820 and 1840 freight rates on western rivers declined drastically. The main reason for this drop in prices was _________
a. the decline in the price level.
b. tolls and other barriers to trade decreased.
c. the decline in monopoly power.
d. the frequent use of the steamboat.
d. the frequent use of the steamboat.
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"The weather induced failure of the 1999 grain crop leads Russia to quadruple grain imports from the United States." Assuming that the U.S. grain exports come from government warehouses,
A) net investment in the United States would increase dramatically according to the flexible accelerator theory. B) net investment in the United States would decrease dramatically according to the flexible accelerator theory. C) there would be no change in net investment since the Russian demand is temporary. D) net investment would increase slowly since this is agriculture.
Answer the following statements true (T) or false (F)
1. When somebody buys an insurance policy, that person is seeking to transfer risk away from herself and pass it on to the insurance company. 2. The law of demand states that if price increases, other things being equal, the demand for the product will decrease. 3. "Price" in the statement of the Law of Demand refers to the same concept as the cost of producing the product. 4. When a fruit or vegetable (such as strawberries or lentils) is in season, the demand for it will increase as it becomes cheaper.