How did laborers benefit from World War I (1914–18)?
(a) Their nominal take-home pay rose more than prices increased.
(b) They were placed in military jobs that paid wages higher than
private sector jobs.
(c) High-paying jobs in the private sector were created to support
the war effort.
(d) Real GNP and national income fell during and shortly after the war.
(a)
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Write down the Fisher equation and IRP relationship for the United States and the United Kingdom. Using these relationships, how can we determine the link between interest, inflation, and exchange rates? How can a change in U.S
policy affect this link?
In order for the price system to have satisfied the exacting requirements for efficiency,
A. MU must equal MC for each and every commodity. B. the average cost of producing each good must be equal to its MU. C. the maximum possible of total economic profit must be produced. D. every consumer’s MU will be equal to marginal physical product.
Which of the following is a valid difference between sole proprietorship and partnership?
a. Partnerships require a written agreement while sole proprietorships do not. b. Partnerships require a state charter while sole proprietorships do not. c. Partnerships generate lower profits than sole proprietorships. d. Partnerships are characterized by unlimited liability, while sole proprietorships are not. e. Partnerships consist of two or more partners sharing the responsibility of the firm, while sole proprietorship consists of a single individual.
The argument that import restrictions save jobs and promote prosperity fails to recognize that
a. there are no secondary effects of import restrictions. b. import restrictions will lower prices in the protected industries. c. import restrictions cannot create jobs in any industries. d. U.S. imports provide people in other countries with the purchasing power required for the purchase of U.S. exports.