Which of the following is the most accurate description of the US between 1880 and 1920?
a. The United States became the leading manufacturer in the world in terms of total production and output per worker.
b. The quality of manufactured goods dropped
c. American families bought fewer finished products, and instead saved money by increasingly buying materials and building things at home.
d. No advertising was used because TV and radio had not yet been invented.
a. The United States was the leading manufacturer in the world in terms of total production and output per worker.
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In a given year, U.S. nominal GDP was $2,784 billion and the GDP chain price index for that year is 60.4 . Real GDP is:
a. $1,682 billion. b. $4,609 billion. c. $3,889 billion. d. $4,000 billion.
Which of the following is true of a corrective tax? a. It is also referred to as Pigouvian tax
b. It increases the deadweight loss caused by negative externalities. c. It is inflexible compared with command-and-control regulation. d. It needs to be updated with advances in technology.