1. Compared with other countries in the late 19^th century, the United States had relatively ___ tariff rates.

Group of answer choices

high

similar

low

2. "The 13 Colonies of North America were the colonies most valued by the European imperial powers in late 1600s."

Group of answer choices

True

False

3. As labor supply falls, aggregate output ___ and output per worker ___.

Group of answer choices

falls; falls

rises; falls

falls; rises

rises; rises

4. Suppose that individuals become more confident in the banking system. This would likely cause ___.

Group of answer choices

inflationary pressures

deflationary pressures

no change in prices

5. Aggregate economic output grows by 6% per year. Capital supply grows at 2% per year and labor supply grows at 4% per year. Capital and labor have equal factor shares. What is the growth rate of total factor productivity?

Enter your answer in the space below as a number without a percentage sign. For example, if your answer is "12%" enter "12". ______________

6. Consider a beet farmer. As the price of beets falls, the break-even distance ___.

Group of answer choices

rises

falls

remains unchanged