The U.S. used high-pressure steam engines, whereas the British favored low-pressure engines. The reason for the American preference for high-pressure steam engines was that
(a) low-pressure steam engines, though more efficient, were complicated to build and operate and America lacked skilled labor compared to England.
(b) the high-pressure steam engines used extravagant amounts of wood fuel. The U.S. abundance
of wood compared to Europe made building high-pressure steam engines cheaper in the U.S.
(c) Americans simply lagged behind technologically compared to England and continued to use the outdated high-pressure steam engines.
(d) England had patents on the superior low-pressure steam engine and would not allow other nations to use the technology.
(b)
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A country has an aggregate production function of the form: Y = A x K1/3 x H2/3
Which of the following is likely to happen if the capital stock and the efficiency units of labor available to the country increases by 10% over a span of 5 years while the state of technology used in the country remains the same? A) Output will increase by 5%. B) Output will double. C) Output will increase by 10%. D) Output will increase by 1%.
If you believe that velocity is constant and that the aggregate supply curve is vertical, then the quantity theory of money would predict that a doubling of the money supply would cause a doubling of
a. nominal output and real output. b. nominal output and no change in real output. c. real output and no change in nominal output. d. the price level and real output.