Who said the nation was "ill-fed, ill-clothed, and ill-housed?"
A. Herbert Hoover
B. Franklin D. Roosevelt
C. Lyndon B. Johnson
D. Jimmy Carter
B. Franklin D. Roosevelt
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Which of the following is TRUE?
A) When resources are allocated on the basis of personal characteristics, all people who are willing and able to pay the price get the resource. B) When the range of activities to be monitored is large and complex, a command system allocates resources better than a market price. C) When a market price allocates resources, some people who are willing and able to pay that price don't get the resource. D) Force helps support the legal system on which markets function.
The supply curve of labor is typically upward sloping because
a. a decrease in the wage rate causes workers to work more hours b. the opportunity cost associated with giving up leisure time rises c. some workers leave the industry when the wage rate is too high d. all workers show the same willingness to work at a given wage rate e. the price of the good rises as more workers are hired and more output is produced
Economic profit made by a firm is equal to: a. total revenue minus the sum of implicit and explicit costs for the firm. b. total revenue minus implicit cost for the firm
c. total revenue minus explicit cost for the firm. d. marginal revenue minus the explicit cost for the firm.
If autonomous investment increases by $200 million and the marginal propensity to consume (MPC) is 0.75, then
A. real Gross Domestic Product (GDP) will rise by $400 million. B. real Gross Domestic Product (GDP) will rise by $800 million. C. real Gross Domestic Product (GDP) will fall by $200 million. D. real Gross Domestic Product (GDP) will rise by $200 million.