Which of the following is the least accurate?
a. European nations purchased large quantities of munitions and food at ever-rising prices form the U.S.
b. The financial center of the world shifted from New York before the war to London and Paris after the war.
c. The gap between Europe's imports from the U.S. and exports to the US rose dramatically.
d. The war was immensely profitable for many U.S. corporations.
b. The financial center of the world shifted from New York before the war to London and Paris after the war.
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If doubling the quantity of inputs more than doubles the quantity of outputs, the firm is experiencing
a. increasing returns to scale. b. decreasing returns to scale. c. constant returns to scale. d. increasing costs per unit of output.
Suppose the tax rate on interest income from saving were reduced
a. The income effect, but not the substitution effect, would tend to reduce private saving. b. The substitution effect, but not the income effect, would tend to reduce private saving. c. Both the income and substitution effect would tend to reduce private saving. d. Neither the income nor the substitution effect would tend to reduce private saving.
If we were to look at the demand curve for a business traveler on an airline versus a casual vacationer on the same airline, we would see that ______.
a. the business traveler would have a nearly horizontal curve b. both curves would have approximately the same slope c. the casual vacationer would have a less steep slope d. the casual vacationer would have a nearly vertical slope
Suppose that the nominal rate of interest is 7% and the inflation rate is 3%. The real rate of interest is equal to:
What will be an ideal response?