The generosity of the U.S.'s foreign aid after World War II was:
A. over $12 billion to 16 countries in an effort to help them rebuild.
B. not entirely altruistic and had strategic political motives as well.
C. unprecedented.
D. All of these statements are true.
Answer: D
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Calculating the value of an economy is more complex than just adding up the value of every single thing that is produced because that would lead to:
A. overcounting, as the value of intermediate products would be counted twice. B. overcounting, as there is a mark-up in everything that is sold. C. undercounting, as most goods are not sold in retail markets. D. undercounting, as only observable markets can be recorded.
In the short run, a monopoly may
a. only earn positive economic profits. b. only earn zero economic profit, c. earn positive economic profits or economic losses. d. only earn economic losses.
The Social Security program is an income transfer program for retired workers only.
Answer the following statement true (T) or false (F)
If wages rise by 12 percent at the same time prices rise by 3 percent, then the increase in real wages is equal to
A. 12 percent. B. 9 percent. C. 6 percent. D. 3 percent.