At the end of World War I (1918), the United States
A. emerged as the world's leading industrial power.
B. was the world's largest economy.
C. had become the greatest military power.
D. All of the choices are true.
D. All of the choices are true.
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The supply curve will be more elastic if
a. the good has few substitutes b. the time the producer has to adjust is long c. the time frame for adjusting to price changes is short d. demand is elastic e. demand is inelastic
The production possibilities curve for the nation of Economagic shifts to the left. This could have been caused by:
a. an increase in Economagic's labor supply. b. innovation in the production of goods in Economagic. c. a war that destroyed some of Economagic's resource base. d. unemployment among Economagic's workers. e. Economagic's choice of more consumption and less capital last period.
Refer to the information provided in Figure 3.14 below to answer the question(s) that follow.
Figure 3.14Refer to Figure 3.14. The market for sunglasses ________ at a price of $60 and a quantity of 450 sunglasses.
A. has a shortage B. has a surplus C. is in equilibrium D. cannot remain in business
In the figure above, both Joe and Jill initially produce at point A. If Joe and Jill realize that they each possess a comparative advantage, which outcome can we expect?
A) Joe will specialize in shirts and Jill will specialize in pants. B) Joe will specialize in pants and Jill will specialize in shirts. C) Joe and Jill each will be able to consume more than 2 shirts and 2 pairs of pants. D) Both answers B and C are correct.