Cyrus McCormick is best known for
a. manufacturing the mechanical reaper.
b. developing hybrid strains of corn.
c. introducing chemical fertilizers.
d. the invention of the single-horse plow.
a. manufacturing the mechanical reaper.
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Suppose the current price of a pound of steak is $12 per pound and the equilibrium price is $9 per pound. In this case, there is a
A) surplus, so the price falls and quantity supplied increases. B) surplus, so the price rises and quantity demanded increases. C) shortage, so the price rises and quantity demanded decreases. D) shortage, so the price falls and quantity demanded increases. E) surplus, so the price falls and quantity demanded increases.
The capital stock increases whenever
A) gross investment is exceeds net investment. B) net investment exceeds gross investment. C) gross investment is negative. D) net investment is positive.