The second half of the 1940s was a period of
A. recession.
B. no economic growth.
C. very slow economic growth.
D. fairly high economic growth.
D. fairly high economic growth.
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A country engaging in trade according to the principles of comparative advantage gains from trade because it
A) is producing exports indirectly more efficiently than it could alternatively. B) is producing imports indirectly more efficiently than it could domestically. C) is producing exports using fewer labor units. D) is producing imports indirectly using fewer labor units. E) is producing exports while outsourcing services.
Which of the following situations demonstrates the endowment effect?
a. Ishani refuses to buy a used lamp at a yard sale because she has seen the same one, brand new, for a similar price at a department store. b. Aliyah prefers one brand of kombucha over another simply because the other one seems outrageously expensive. c. Dakota cannot decide which jacket is more practical, so she texts pictures of both to her mom to ask her opinion. d. Anil argues that a car dealership should give him more on his trade-in because he bought it for $43,000 only a few years ago.
The self-correcting tendency of the economy means that falling inflation eventually eliminates:
A. exogenous spending. B. recessionary gaps. C. expansionary gaps. D. unemployment.
The U.S. dollar bills you sometimes have in your wallet are:
A. assets of the Federal Reserve. B. your liabilities if you hold that note. C. liabilities of the Federal Reserve until it is spent. D. liabilities of the Federal Reserve.