The U.S. financed WWI primarily by:
a. increasing personal income taxes.
b. increasing corporate taxes and luxury taxes.
c. borrowing from the public.
d. printing new money.
c. borrowing from the public.
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Latin American economies have become relatively more closed to international trade since 1985
Indicate whether the statement is true or false
Keith just got an iPhone 5 for his birthday, and he quickly switches his data over and throws his iPhone 4 in a drawer and forgets about it. Economists would say this behavior is ___________ and would use the concept of ________________ to explain this choice.
A. rational; the implicit cost of ownership B. irrational; the implicit cost of ownership C. irrational; ignoring sunk costs D. rational; considering sunk costs
The factor payments measure of GDP
a. can be expressed as GDP = C + I + G + NX b. is found by summing all expenditures on intermediate and final goods and services during the year c. calculates how much value was added at each stage of production d. is found by summing all interest, rent, profit, and wages and salaries generated during the year e. calculates how much workers paid for goods and services during the year
In a perfectly competitive industry, assume the short-run average total cost increases as the output of the industry expands. In the long run, the industry supply curve will:
A. have a positive slope. B. have a negative slope. C. be perfectly horizontal. D. be perfectly vertical.