Refer to the production possibilities curve. At the onset of the Second World War, the United States had large amounts of idle human and property resources. Its economic adjustment from peacetime to wartime can best be described by the movement from
point:
A. c to point b.
B. b to point c.
C. a to point b.
D. c to point d.
C. a to point b.
You might also like to view...
Liabilities of the commercial banking system include:
A. loans and deposits. B. reserves and deposits. C. reserves and loans. D. deposits.
According to Okun's Law, when the natural employment rate is 6 percent and potential GDP is $10 trillion, then when actual employment is 7 percent, real GDP is
A) $9.9 trillion. B) $8 trillion. C) $10.1 trillion. D) $9.8 trillion. E) $10.2 trillion.
If it costs a firm $10 to produce a good and the same good sells for $7 abroad, then this firm is engaging in
A) profit maximization. B) price discrimination. C) price differentiation. D) dumping.
By definition, a firm is
A) a business organization that makes profits. B) a business organization that utilizes resources to produce goods or services with the goal of making a profit. C) a business organization that consists of more than one person. D) an organization, whether private or public, that may or may not make a profit.