In 1943-1945
A. there was substantial unemployment in the U.S.
B. there was substantial excess plant and equipment in the U.S.
C. the U.S. had not yet completed its recovery from the depression.
D. the U.S. was temporarily operating at a point beyond the production possibilities frontier.
D. the U.S. was temporarily operating at a point beyond the production possibilities frontier.
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Explain the meaning of the term dead capital, and discuss why its existence retards economic growth
What will be an ideal response?
A point on the production possibilities frontier reflects an
A) attainable point with full employment of all resources. B) attainable point without full employment of all resources. C) unattainable point with full employment of all resources. D) unattainable point without full employment of all resources. E) None of the above answers is correct.
Hank's Propane Storage Company is a profit-maximizing monopsony in the local labor market for propane handling, delivery, and other associated services. The supply and marginal cost of labor curves are shown in the figure above
Hank's demand for labor curve is the curve labeled VMP = D. At what level should a minimum wage be set in order to achieve the wage rate and quantity of employment that would be attained in a competitive labor market? A) $4 per hour B) $6 per hour C) $8 per hour D) $12 per hour
Refer to Figure 28-8. A typical long-run Phillips curve would have the appearance of a curve running through points
A) A and B. B) A and C. C) B and C. D) A, B, and C.