In which year did the United States account for half the world's manufacturing output?
A. 1925
B. 1945
C. 1965
D. 1985
B. 1945
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Which of the following is NOT a macroeconomic statement?
A) The U.S. inflation rate was two percent in 2016. B) The price of cell phones decreased by 18 percent last year. C) Gross domestic product in Peru increased 4 percent from 2015 to 2016. D) Aggregate worker productivity decreased by three percent in 2016.
In a perfectly competitive market, a permanent decrease in demand initially brings a lower price, economic
A) loss, and entry into the market. B) loss, and exit from the market. C) profit, and entry into the market. D) profit, and exit from the market.
The Field Hypothesis (2003) suggests that production possibilities expanded during the depression years. Much of the resulting increase in potential went unrealized, though. This explains why potential output in 1942 was greater than expected
Indicate whether the statement is true or false
Price discrimination
a. is illegal in the United States and Europe. b. can occur in both perfectly competitive and monopoly markets. c. is illogical because it does not maximize profits. d. can maximize profits if the seller can prevent the resale of goods between customers.