The American manufacturing system began to emerge in the years prior to the Civil War. Which of the following was not an important aspect of the system?
(a) Extensive or increased use of craftsmen
(b) Mass production of goods in factories
(c) The production of standardized goods
(d) Extensive use of machinery and equipment
(a)
Economics
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When economists refer to the role of money as a unit of account, they mean that
A) most accounting systems reflect that goods are purchased with currency. B) most accounting systems reflect that goods are purchased with checks. C) money gives traders a way of measuring value in the economy. D) money makes it possible for specialization to take place.
Economics
Refer to the data. The marginal cost curve would intersect the average variable cost curve at about:
A. 2 units of output.
B. 4 units of output.
C. 6 units of output.
D. 7 units of output.
Economics