By 1913, steel making by Bessemer converter had been completely surpassed by
(a) continuous casting integrated mills.
(b) the Basic Oxygen furnace.
(c) electric furnaces.
(d) open hearth furnaces.
(d)
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The structural deficit can be defined as
a. the deficit that is structurally obstructing economic recovery to reach level of high employment. b. a hypothetical construct that estimates the deficit, given current tax rates and expenditure policies, if the economy were operating at some fixed high-employment level. c. the deficit necessary to restructure the economy and reach a desired high-employment level. d. the deficit that would prevail if fiscal policy were structured differently in order to reach a desired high-employment level.
Specialization and trade are beneficial to society because:
A. a division of labor lowers prices for products. B. scarce resources are utilized more efficiently. C. the output of economic goods may be increased with no increase in resources. D. All of these are correct.