From 1837 and up until the Civil War, the United States adhered to a
A) gold standard.
B) silver standard.
C) bimetallic standard.
D) bronze standard.
E) copper standard.
C
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How does a manufacturer set his or her total output to maximize profit?
(A) Set production so that total revenue plus costs is greatest. (B) Determine the largest gap between total revenue and total cost. (C) Determine where marginal revenue and profit are the same. (D) Set production at the point where marginal revenue is smallest.
Good X is a normal good. If the average income of those who buy good X rises, the _____________ curve for good X will shift ____________ resulting in a(n) _____________ in the equilibrium price of X and a(n) ____________ in the equilibrium quantity of X
A) supply; rightward; decrease; increase. B) demand; leftward; decrease; decrease C) demand; rightward; increase; increase D) supply; leftward; increase; decrease E) supply; leftward; increase; increase