What statement best describes the colonial economic experience?
a. The agricultural sector was initially a small portion of the economy, but quickly grew to be the largest sector.
b. By the time of the American Revolution, the U.S. colonial economy was larger than about 70 percent of other nation's economies.
c. The U.S. colonial economy was particularly hurt during the Seven Year's War.
d. Economic growth was irregular and averaged about 0.45% per year.
d. Economic growth was irregular and averaged about 0.45% per year.
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The graph of average fixed cost is a horizontal line
a. True b. False
What would most likely happen if Moe’s were to add a seventh worker?
a. Fixed costs would increase.
b. The marginal product of labor would improve.
c. Variable costs would decrease.
d. Bagel output would see little change.