What revived the United States' economy out of the Depression in the early 1940s?
A. the New Deal
B. a tax cut
C. spending on the war
D. suburbanization
C. spending on the war
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Labor productivity tends to fall as the capital to labor ratio rises
a. True b. False Indicate whether the statement is true or false
Consumer goods:
A.) Account for half of total U.S. output. B.) Include expenditures for durable goods, nondurable goods, and services. C.) Include government expenditure on welfare and food stamps. D.) Account for the smallest portion of U.S. GDP.
Even though price elasticity of demand is always ________, by convention its absolute value is always discussed as a ________
A) negative; prime number B) positive; negative number C) a fraction; whole number D) negative; positive number
When demand is elastic
A. a proportionately small change in price leads to a proportionately large change in quantity supplied. B. a proportionately small change in price leads to a proportionately small change in quantity demanded. C. a proportionately small change in price leads to a proportionately large change in quantity demanded. D. a proportionately small change in price leads to a proportionately small change in quantity supplied.