The Marshall Plan (1948–51) brought about the immediate integration of Europe into international markets
Indicate whether the statement is true or false
False (It did not.)
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Suppose the U.S. economy enters a recession and incomes fall. What will happen to the equilibrium prices and quantities of normal goods? Would your answer be the same if you were discussing inferior goods? Why or why not?
What will be an ideal response?
A supply curve reveals:
A) the quantity of output consumers are willing to purchase at each possible market price. B) the difference between quantity demanded and quantity supplied at each price. C) the maximum level of output an industry can produce, regardless of price. D) the quantity of output that producers are willing to produce and sell at each possible market price.
Which of the following describes a problem created by scarcity?
A. The course you need to take in the fall is offered at times that conflict with your work schedule. B. The White House eliminates tours due to budget constraints. C. Your cell phone battery is low and you screen a phone call from afriend in case your significant other calls later. D. All of these.
Malthus's gloomy economic outlook for humankind is based on the following principle: a. Population, when unchecked, increases at a faster pace than the production of output
b. Population grows at a slower pace than the production of output. c. Resources grow faster than humankind can reproduce itself. Therefore, humankind can never take full advantage of available resources. d. Resources and population grow at constant percentage rates, but political divisions prevent an equitable division of world output.