All economists agree that World War II (1941–45) was responsible for ending the Great Depression
Indicate whether the statement is true or false
False
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Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
One reason that U.S. exports of commercial services have increased steadily over the past 25 years is that
A) European and Asian nations have shown little interest in developing their own commercial services sectors. B) the United States has made significant investments in new information technologies. C) the U.S. government owns and operates most of the economy's service sector. D) the U.S. economy operates like one big corporation.
Which of the following will bring about an inward shift of a production possibilities curve [PPC]?
a. A decrease in the amount of resource employment b. An increase in the working-age population c. An increase in unemployment d. A decrease in the availability of natural resources e. An increase in the amount of capital available
"When workers have a relatively small quantity of capital to use in producing goods and services, giving them an additional unit of capital increases their productivity by a relatively large amount.". This statement
a. is an assertion that production functions have the property of constant returns to scale. b. is consistent with the view that capital is subject to diminishing returns. c. is inconsistent with the view that it is easier for a country to grow fast if it starts out relatively poor. d. All of the above are correct.