In 1940, civilian purchases of goods and services equaled roughly _____ of GDP; by 1943, it had changed to roughly ________ of GDP
a. 97 percent; 57 percent
b. 50 percent; 50 percent
c. 25 percent; 75 percent
d. 50 percent; 10 percent
a. 97 percent; 57 percent.
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Total utility will be at its maximum when
A. marginal utility is negative. B. marginal utility is positive. C. marginal utility is maximized. D. marginal utility is zero.
Total utility is maximized when a consumer has spent all of his or her income and
A) spent equal amounts on all goods. B) marginal utility is maximized. C) the total utility per dollar from all goods is equal. D) the marginal utility per dollar from all goods is equal.
The discount rate is the interest rate that the Federal Reserve charges banks for borrowing from the Fed
Indicate whether the statement is true or false
The gains from trade are
a. limited to trade between nations with similar levels of wealth. b. always based on different wage rates between nations. c. a result of more efficient resource allocation. d. based on the principle of absolute advantage. e. none of the above