From 1800-1860 which part of the nation most supported high tariffs?
a. Southeast.
b. New England.
c. Southwest.
d. Far Western States.
b. New England.
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What happens to a monopolistically competitive firm that begins to charge an excessive price for its product?
a. The firm will go out of business. b. Consumers will substitute a rival's product. c. Consumers will boycott the product. d. The government will regulate the price.
Which of the following best explains why the rate of unemployment is highest among individuals aged 16 through 19?
a. Teenagers do not have the skills necessary to find jobs. b. Teenagers change jobs more frequently than do older individuals. c. Teenagers have a higher labor force participation rate than other age groups. d. Most teenagers are in school and, for this reason, are not holding jobs.