The perfectly competitive firm's supply curve is that portion of the marginal cost curve that lies above the firm's average total cost curve
Indicate whether the statement is true or false
FALSE
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The U.S. did not lapse back into a depression after World War II ended for all of the following reasons EXCEPT
A. a larger role taken on by the federal government. B. pent up demand for housing and automobiles. C. government programs that aided the trend toward suburbanization. D. a return to laissez-faire economic policies.
If the nominal interest rate is greater than the real interest rate in an economy:
A) the real interest rate must be negative. B) inflation must be positive in the economy. C) inflation must be zero in the economy. D) inflation must be negative in the economy.
The absolute value of the slope of the production possibilities frontier at the production point provides a measure of both the relative price of S in terms of T and the opportunity cost of producing one more units of S calculated in terms of output
of T foregone. Indicate whether the statement is true or false
Which of the following was not a reason why wages in the US increased during World War I?
a. A sharp decrease in immigration during the war. b. A large increase in drafting men into the armed forces. c. A large increase in the number of government contracts. d. A large increase in the number of women who were employed in the labor market.