According to Robert Gordon (1969, 1999), the extraordinary expansion of physical production in 1942–45 was achieved by
(a) massive government investment in new plants and equipment.
(b) finally bringing into production manufacturing plants and equipment that had been idle
since the early 1930s so that big government investment was not necessary.
(c) the Federal Reserve's peg on the bond market, which enrolled the private sector to
mobilize the necessary capital to invest in new plant and equipment.
(d) none of the above.
(a)
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In 2018, Pete Rich purchases a 1642 painting by Rembrandt for $20 million. He also pays a one percent commission to the auction house that sold the painting. What is the contribution of these transactions to GDP in the year 2018?
A. $0 B. $2 million C. $200,000 D. $20.2 million
When the home construction industry does poorly due to a recession, this is an example of:
A. risk premium. B. unique risk. C. idiosyncratic risk. D. systematic risk.
Lower rates of inflation increase planned spending because:
A. the Fed reacts to the lower inflation by lowering interest rates. B. resources are redistributed from high-spending households to low-spending households. C. the reduction in wealth, resulting from the reduced real value of money, restrains spending. D. the prices of domestic goods sold abroad increase (with a constant exchange rate).
The theory that there is no way to "get rich quick" in securities due to a lack of predictable trends is
A. random walk theory. B. trading. C. market trend analysis. D. no-win theory.