During World War II, _______ percent of the United States' output was devoted to the war effort.
Fill in the blank(s) with the appropriate word(s).
40
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A British grocery chain uses previously obtained U.S. dollars to purchase oranges from the United States. This transaction
a. increases British net capital outflow, and increases U.S. net exports. b. increases British net capital outflow, and decreases U.S. net exports. c. decreases British net capital outflow, and increases U.S. net exports. d. decreases British net capital outflow, and decreases U.S. net exports.
Explain why a relative price is an opportunity cost
What will be an ideal response?
Suppose that a farmer grows wheat and sells it to a baker for €1, the baker makes bread and sells it to a store for €2, and the store sells it to the customer for €3. This series of transactions increases GDP by:
A. €1. B. €2. C. €3. D. €6.
The labor supply curve facing a purely competitive employer is __________, whereas the labor supply curve facing a monopsonist is ___________
A. upsloping; horizontal B. downsloping; vertical C. vertical; upsloping D. horizontal; upsloping