During the second half of the 19th century, the United States
A. was a net creditor nation.
B. had a surplus in its current account.
C. borrowed heavily from European nations to acquire capital in order to industrialize.
D. borrowed heavily from European nations to purchase consumer goods.
C. borrowed heavily from European nations to acquire capital in order to industrialize.
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If the price elasticity of supply is 3, supply is:
A. unaffected by price changes. B. inelastic. C. unit elastic. D. elastic.
Suppose that you purchased a ticket to a jazz festival for $100 from an online ticket broker. Once you arrived at the festival, you discovered that parking costs you an additional $15. In this situation, the additional $15 you pay for parking is an example of
A. marginal cost. B. an inefficient cost. C. an economic loss. D. opportunity cost.