How did laborers benefit from World War I (1914–18)?
(a) Their nominal take-home pay rose more than prices increased.
(b) They were placed in military jobs that paid wages higher than
private sector jobs.
(c) High-paying jobs in the private sector were created to support
the war effort.
(d) Real GNP and national income fell during and shortly after the war.
(a)
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The official reserve transactions balance in the United States balance of payments accounts is
a. reflects the difference between government spending and total taxes. b. negative if a current account deficit exceeds a capital account surplus. c. positive if a current account deficit exceeds a capital account surplus. d. none of the above
When prices drop in response to a decline in demand for an increasing cost industry
a. producer surplus will increase but rents may decrease. b. rent earned by elastically supplied inputs will decline by more than rent earned by inelastically supplied inputs. c. rent earned by elastically supplied inputs will decline by less than rent earned by inelastically supplied inputs. d. both producer surplus and rents will increase.