What most accurately describes the U.S. compared to other nations in the early 1900s?
a. The U.S., which was still quite young, was one of the least productive nations in the world in both the agricultural and manufacturing sectors.
b. The U.S., Great Britain and Germany were the three most industrialized nations.
c. The industrial output in the U.S. was about average compared the rest of the nations in the world.
d. The U.S., which had large supplies of land, had a highly productive agricultural sector, but its industrial productivity was quite low relative to that of other nations.
b. The U.S., Great Britain and Germany were the three most industrialized nations.
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Firm A is a monopoly. The demand for its output is p = 90 - Q. Production is such that Q = L. Firm A hires only unionized labor. The marginal cost to the union is $10 per unit of labor. The union will sell
A) 20 units of labor at a wage of $10. B) 20 units of labor at a wage of $40. C) 20 units of labor at a wage of $50. D) 20 units of labor at a wage of $70.
Crude oil price controls improved efficiency in the oil industry
Indicate whether the statement is true or false