If an economy is represented by a point inside its production possibilities curve
A) it cannot produce more of one product unless it stops producing the other product entirely.
B) it cannot possibly produce more of one product, even if it produces less of another product.
C) it can produce more of one product only if it produces less of another product.
D) it can produce more of one product even if it does not produce less of another product.
D
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The practice of parents giving their children an amount of land similar to what they received from their parents is known as a
(a) targeted bequest. (b) strategic bequest. (c) life cycle bequest. (d) investment bequest.
All of the following statements provide evidence in support of the Beard-Hacker Thesis except:
a. The Civil War caused a transfer of political power from Southern agrarians to Northern industrial capitalists. b. Following secession, Congress passed legislation to increase tariffs and grant land to railroads. c. The Civil War created a demand stimulus for manufactured goods to support the war effort. d. The growth rate in commodity output between 1860 and 1870 was 2.0 percent for the economy as a whole and 2.3 percent for the manufacturing sector.