Which of the following finally brought the U.S. economy out of the Great Depression?
(A) World War I
(B) The Korean War
(C) World War II
(D) The Vietnam War
Ans: (C) World War II
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Scott is a woodworker and charges $125 an hour for his time manufacturing custom-made wood products. For his wife's birthday, he designs and creates an intricate birdseye maple jewelry box that takes him 15 hours to complete
By how much and in what direction does GDP change as a result of his efforts? A) GDP rises by $125. B) GDP is not affected by Scott's production of the jewelry box. C) GDP rises by $1,875. D) GDP falls by $1,875.
The above figure depicts the Edgeworth box for two individuals, Al and Bruce. Points a and b
A) are most likely to reflect the final allocations after trading. B) are least likely to reflect the final allocations after trading. C) are equally likely to reflect the final allocations after trading than other points on the contract curve. D) are definitely not the final allocations after trading.
Economists usually believe that:
A. competition encourages innovation. B. innovation encourages competition. C. innovation leads to market power and should be regulated. D. market power leads to innovation.
Pierre is French Canadian, and like many Canadians he is experiencing booming good economic times. His good fortune is likely to impact U.S. aggregate demand in what way? a. Positively, because he prefers to make all his purchases in Canada from Canadian firms. b. Negatively, because he prefers to make all his purchases in Canada from Canadian firms. c. Negatively, since we are all members of
North American Free Trade Zone. d. Positively, since he will be in a better position to purchase U.S.-made goods.