Which of the following would not be considered a boom period as measured by the percentage growth rate of U.S. output of goods and services?
A. the Roaring 20s
B. the conversion from a wartime to a peacetime economy following World War II
C. World War II
D. the late 1990s
B. the conversion from a wartime to a peacetime economy following World War II
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Economies of scale occur when
A) a firm's long-run average total costs fall as it increases the quantity of output it produces. B) the marginal product of labor is greater than the average product of labor. C) short-run marginal cost falls. D) the demand for a firm's output increases.
Economic incentives can come from
A. taxes. B. markets. C. government programs. D. all of the options are correct.
The occurrence of the Great Depression offered evidence that supported
a. the classical theory of economics b. the need for the government to practice the policy of laissez faire c. the need for the government to control prices d. Congress to take action to stop rising prices e. the Keynesian idea that the government needed to guide the economy
If Anh's elasticity of labor supply is 1.5 and she increases her supply of labor by 5 percent, then the wage rate must have
A. Increased by 3.3 percent. B. Increased by 3.0 percent. C. Decreased by 7.5 percent. D. Increased by 7.5 percent.