According to Robert Higgs,
a. World War II was a period of unique prosperity.
b. prosperity came only after World War II ended.
c. measures of GDP during World War II are accurate.
d. civilian consumption of most items actually rose during World War II.
b. prosperity came only after World War II ended.
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What limits the quantity of money that the banking system can create?
What will be an ideal response?
An example of an increase in b, the efficiency of human capital accumulation, is
A) more mandatory school years. B) better teachers. C) better school material. D) better total factor productivity.
The terms of trade is defined as:
a. the quantity of inputs sacrificed to produce each unit of a good. b. the quantity of one good that is exchanged for a quantity of another good. c. the ratio of the total cost of production of individual traders. d. the marginal cost of producing one good as a percentage of the marginal cost of another good. e. the ratio of total exports of a nation to its total production.
Answer the following statements true (T) or false (F)
1. Predatory pricing, such as the high price of pharmaceuticals, is legally protected under patent law. 2. If a monopolist chooses a low level of output, it can charge only a relatively low price. 3. In the real world, a monopolist can use marginal revenue and cost information to determine the profit-making combination of quantity and price because information on total revenues and costs is often not available. 4. Allocative efficiency refers to producing the optimal quantity of some output, the quantity where the marginal benefit to society of one more unit just equals the marginal cost. 5. One type of an imperfectly competitive market is called monopolistic competition. Monopolistically competitive markets feature a large number of competing firms, but the products that they sell are not identical.