The low interest rates that prevailed after 1942 made World War II (1941–45) financing problems fundamentally the same as World War I (1914–18)
Indicate whether the statement is true or false
False
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In the income-expenditure model, the 45-degree line
A) shows total expenditures at various price levels. B) marks all equilibrium output levels. C) is also called the planned expenditures line. D) is the locus of all the points for which output equals expenditures.
The condition, MRS1,C = w, describes the representative consumer's
A) investment decision. B) consumption - savings decision. C) current period work - leisure decision. D) future period work - leisure decision.
Which one of the following events will leave GDP unchanged?
a. You pay $500 to repair your car damaged in an accident. b. You buy a new domestic car to replace one that was stolen. c. You lose $500 playing blackjack with friends. d. You work extra hours this month to help make up for the money you lost playing blackjack.
What is the difference between income and wealth? How can wealth contribute to income inequality?
What will be an ideal response?