What major historical event led to the most significant challenge to classical economic thinking?
a. The war on poverty
b. The American Revolution
c. World War II
d. The Great Depression
e. The oil shocks of the 1970s
D
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In the above figure, when real disposable income is less than 600, then
A) consumption is less than disposable income. B) consumption is the same as disposable income. C) consumption is more than disposable income. D) the MPC will fall.
If the production possibilities curves of two countries have the same slope,
a. neither has a comparative advantage, and there are no gains from trade. b. although there is no comparative advantage, there are potential gains if there are differences in absolute advantage. c. neither has an absolute advantage, and there cannot be gains from trade. d. both have an absolute advantage, and can gain from trade.