What best describes the antebellum economy?
a. By 1860 the size of most American firms was comparable to the size of firms today.
b. Manufacturing had replaced agriculture as the largest sector of employment in the US.
c. Heavy equipment was one of the top-three manufacturing sectors.
d. The U.S. developed many new ways of combining factors of production to substitute capital for labor.
d. The U.S. developed many new ways of combining factors of production to substitute capital for labor.
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A protectionist policy generally enhances free trade.
a. true b. false
If the natural rate of unemployment falls,
a. both the short-run Phillips curve and the long-run Phillips curve shift. b. only the short-run Phillips curve shifts. c. only the long-run Phillips curve shifts. d. neither the short-run nor the long-run Phillips curves shift.