The United States was able to produce temporarily outside its production possibilities curve for several years during World War II by doing which of the following?
A. Recruiting housewives to work in tank and airplane factories.
B. Convincing workers who qualified for retirement to put off retirement.
C. Pressing older machinery and equipment into use.
D. Expansion of the work week.
E. All of the choices are true
E. All of the choices are true
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In the figure above, with the tariff American consumers ________ million shirts per year
A) 40 B) 48 C) 32 D) 16
There are currently N identical firms in a market. If it is a perfectly competitive market, the short-run market supply curve at any given price is
A) N times the supply of an individual firm. B) N - 1 times the supply of an individual firm. C) N plus the supply of an individual firm. D) It cannot be determined from the information provided.