Which of the following statements best describes the changes in federal spending of the US economy from 1939 to 1949?
a. Between 1939 and 1944 military expenditures increased substantially and civilian-related expenditures remained about the same.
b. Between 1939 and 1944 both military and civilian-related expenditures increased substantially.
c. Between 1939 and 1944 the production possibilities frontier for military and civilian-related expenditures shifted out.
d. Between 1944 and 1949 military expenditures decreased substantially and civilian-related expenditures returned to 1939 levels.
a. Between 1939 and 1944 military expenditures increased substantially and civilian-related expenditures remained about the same.
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Which of the following metaphors best expresses the scientific nature of economic theory?
A) like a wool sweater, economic theory warms the heart of the economist. B) like a pair of eyeglasses, economic theory allows one to more clearly see and discriminate among the countless facts he or she faces. C) like a gun, economic theory shoots holes through every other rival theory. D) like a bank, economic theory is concerned with only one thing: the accumulation of money.
In the long run under perfect competition, all firms in the same market
a. earn the same money profit b. have the same opportunity costs c. earn the same economic profit d. face the same explicit costs e. earn the same money profit and the same economic profit