The invention of the steam engine ushered in the following developments, except:
A. Mass-production in industrial factories, for the first time
B. Much easier and cheaper transportation of resources and products
C. A sharp reduction in trade as many societies specialized
D. Major population shifts, from farms to towns and cities
C. A sharp reduction in trade as many societies specialized
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The U.S. baseball glove industry is an oligopoly. This means that glove suppliers face a ________________ than a monopoly glove supplier would:
a. smaller price effect b. larger price effect c. lower cost structure d. higher cost structure
Imagine that you borrow $1,000 for one year and at the end of the year you repay the $1,000 plus $100 of interest. If the inflation rate was 7%, what was the real interest rate you paid?
A) 17 percent B) 10 percent C) 7 percent D) 3 percent