According to the text, Japan lost much of its capital stock during World War II. It subsequently found that its
a. production possibilities curve had shifted to the left because it was unable to regain,even until today, its prewar output levels, having lost so much of its capital resources(Hiroshima and Nagasaki still haven't recovered from the 1945 atomic bomb attacks)
b. production possibilities curve, having shifted to the left, quickly recovered with the use of the most up-to-date technology
c. economy's productivity suffered irreversibly because the enormous loss of life created a loss of skilled, scientific, and technological knowledge
d. research efforts were hampered because victor countries refused to share scientific knowledge with it in retaliation for the war
e. production possibilities curve remained unchanged for two decades after the warbecause international trade was reduced
B
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In an advertisement for credit cards, the statement is made, "Think of a credit card as smart money." An economist's reaction to this would be that a credit card is:
A. dumb money. B. simply money. C. actually better than money. D. not money.
In which market structures is the firm able to earn long-run economic profits?
A. oligopoly and monopoly B. perfect competition and monopolistic competition C. monopolistic competition, oligopoly and monopoly D. monopolistic competition and oligopoly
A decrease in which of the following would decrease the tax wedge?
A) marginal tax rate B) money supply C) national debt D) federal budget deficit
A decrease in taxes would cause:
A. the dynamic aggregate demand curve to shift to the right. B. the dynamic aggregate demand curve to shift to the left. C. a movement up and along the existing dynamic aggregate demand curve. D. a movement down and along the existing dynamic aggregate demand curve.