ECON2200 Exam 2 Notes

ECON2200 Exam 2 Notes - 14:29 ECON2200 Exam 2 Notes During...

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14:29 ECON2200 Exam 2 Notes During the civil war, the US had a trade deficit, US gold reserves decreased, the price in dollars of a British pound increased, US price level increased more rapidly than the British price level In the US between 1860 and 1910, the total manufacturing labor force expanded by a multiple of __5.4___, and total manufacturing output expanded by a multiple of __10.8___. In the US between 1860 and 1910, data indicate that output grew by a larger multiple than the labor force in the __agricultural; iron/steel production; coal mining; RR freight hauling___ sector. In class, we listened to a radio clip that discussed the use of incentives to change the behavior of: 18 th century ship captains who transported English prisoners to Australia Value added = Total value of OUTPUT – Material costs In 1860, the largest US industry (as measured by value added) was: cotton goods In 1910, the largest US industry (as measured by value added) was: Machinery Even though the open hearth method was less costly than the Bessemer method, the Bessemer
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ECON2200 Exam 2 Notes - 14:29 ECON2200 Exam 2 Notes During...

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