Since 1945, national defense expenditures as a percentage of GDP have _____
a. fallen from 41 percent to 3.7 percent
b. fallen from 32.1 percent to 20.1 percent
c. fallen from 62.3 percent to 11.5 percent
d. fallen from 50.5 percent to 9.6 percent
a
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The “law” of diminishing returns is what happens to marginal returns as all inputs are varied.
Answer the following statement true (T) or false (F)
Complementary goods are goods
a. that are consumed jointly b. that are consumed one in place of the other c. for which demand increases when the price of its complementary goods increases d. for which demand decreases when the price of its complementary goods decreases e. that are inversely related
In the classical theory of employment a decline in the rate of interest will _____ saving and _____ investment.
Fill in the blank(s) with the appropriate word(s).
Under the Bretton Woods system, a country could alter its exchange rate
A. by changing its value relative to gold. B. whenever it determined that there was a fundamental disequilibrium. C. only when the IMF permitted due to a fundamental disequilibrium. D. under no circumstances.