The framers of the U.S. Constitution sought to design a political system that would
A) limit the powers of the federal government and protect the rights of individuals.
B) provide the federal government with virtually unlimited power to promote the general welfare.
C) promote efficiency through central planning of the economy.
D) be based on majority rule.
A) limit the powers of the federal government and protect the rights of individuals.
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If the prices for the same goods and services are different in two nations, the exchange rate adjusts over the long run to achieve
A) zero net exports for each nation. B) purchasing power parity between the two currencies. C) balance of payments account between the two nations equal to zero. D) a zero current account balance between the two nations. E) interest rate parity.
The law of supply states that:
A. producers should only produce what they can sell. B. producers should only sell the items when the price is right. C. there is a positive relationship between price and quantity supplied, ceteris paribus. D. producers are legally required to make necessary items available in the marketplace.
In a long-run monopolistically competitive equilibrium
A. P > ATC, and ATC is not at its minimum value. B. P = ATC, and ATC is not at its minimum value. C. P > ATC, and ATC is at its minimum value. D. P = ATC, and ATC is at its minimum value.
Which of the following wars consumed almost half of the United States' total output?
A. the Civil War B. World War I C. World War II D. the Vietnam War