The U.S. Congress passed legislation in the late 1800 . that established land-grant universities to educate citizens in agriculture, home economics, mechanical arts, and other practical professions. Two important missions for land-grant universities are education and research. Explain how the establishment of land- grant universities has affected the growth of the U.S. economy
The establishment of land-grant universities has led to higher growth rates for the U.S. economy, as a result
of the education and research they provide. This is because education increases the quality of labor, while
research leads to technological progress. Both of these changes lead to higher labor productivity for the
nation, which increases the growth rate for the nation.
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Agnes can produce either 1 unit of X or 1 unit of Y in an hour, while Brenda can produce either 2 units of X or 4 units of Y in an hour. The opportunity cost of producing a unit of Y is
A) 1 unit of X per unit of Y for Agnes and 2 units of X per unit of Y for Brenda. B) 1 unit of X per unit of Y for Agnes and 1/2 unit of X per unit of Y for Brenda. C) 1 hour for Agnes and 1/2 hour for Brenda. D) 1 hour for Agnes and 2 hours for Brenda.
Imperfect knowledge about a product can cause:
a. excessive resources devoted to producing a product. b. consumers paying too high a price for a product. c. overconsumption of a product. d. all of the above answers are true. e. none of the above answers a.-c. are true.