Which of the following has been a century-long trend in the United States?
A. Decline of total value of world trade.
B. Relative decline in service sector to manufacturing.
C. Relative increase in farming to manufacturing.
D. Relative decline in manufacturing to the service sector.
Answer: D
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A combination of an increase in the discount rate and an open market sale of government securities by the Fed would: a. increase the money supply
b. decrease the money supply. c. leave the money supply unchanged. d. have an indeterminate effect on the money supply.
If a good is produced up to the point where marginal social benefit equals marginal social cost, then:
A. social welfare is maximized. B. the good is overproduced and the market is inefficient. C. firms are earning zero profits. D. all externalities have been eliminated.