In 1940, military spending amounted to roughly _____ of GDP; by 1943, it had risen to roughly ________ of GDP
a. 20 percent; 30 percent
b. 2 percent; 40 percent
c. 15 percent; 20 percent
d. 1 percent; 25 percent
b. 2 percent; 40 percent
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Differentiate between a payoff matrix and a game tree
What will be an ideal response?
To achieve long-run equilibrium in an economy with a recessionary gap, without the use of stabilization policy, the inflation rate must:
A. not change. B. increase. C. decrease. D. either increase or decrease depending on the relative shifts of AD and AS.
The curve formed by plotting the value of the marginal product for workers against quantity of labor is:
A. downward sloping. B. perfectly elastic, for competitive firms. C. perfectly inelastic. D. upward sloping.
The official U.S. poverty standard was set in 1963 at $3,000 per year for a family of four.
Answer the following statement true (T) or false (F)