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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How would the elimination of a sales tax affect the market for a product that had been subject to the tax?
A) The equilibrium price for the product would fall by less than the amount of the tax. B) The reduction in government revenue from the tax would be made up by an increase in property taxes. C) The supply of the product would become more elastic. D) The demand for the product would rise and the equilibrium price would fall by the amount of the tax.
Joe's income is $500, the price of food (F) is $2, and the price of shelter (S) is $100. Which of the following bundles is in Joe's opportunity set?
A) 50 units of food, five units of shelter B) 200 units of food, two units of shelter C) 100 units of food, one unit of shelter D) 150 units of food, three units of shelter