Before World War II, the average level of prices in the United States usually
A) fell during wartime and rose during peacetime.
B) fell during wartime and fell during peacetime.
C) rose during wartime and fell during peacetime.
D) rose during wartime and rose during peacetime.
C
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In the short run, which of the following is FALSE about the shutdown point?
A) Total revenue is equal to total fixed cost. B) Total revenue is equal to total variable cost. C) Product price is equal to the minimum average variable cost. D) Price multiplied by quantity must be equal to minimum average variable cost multiplied by quantity.
A good example of _________ is the merger between a steel firm and a cookware firm
a. a horizontal merger b. a vertical merger c. a conglomerate merger d. either a horizontal or conglomerate merger, depending on whether the oligopoly is balanced or unbalanced e. either a horizontal or conglomerate merger, depending on the market shares of the two firms
Which of the following acts prohibited false advertising?
A. Sherman Act B. Clayton Act C. Federal Trade Commission Act D. Celler-Kefauver Act
In the United States, the minimum wage is defined as
A. the lowest hourly wage rate a firm may legally pay its workers, as legislated by the U.S. government. B. the wage that the youngest job entrant into the job market makes. C. the wage ceiling above which a firm no longer must pay its employees additional benefits. D. the lowest wage that a corporation should pay a worker if the corporation wants to ensure that its employees are well trained.