Question 1

According to Robert Higgs,

Accepted Answer

A) World War II was a period of unique prosperity. 
B) World War II was a period of continued depression that did not end until after the war. 
C) measures of GDP during World War II are understated. 
D) civilian consumption of most items actually rose during World War II. 
A) World War II was a period of unique prosperity. 
B) World War II was a period of continued depression that did not end until after the war. 
C) measures of GDP during World War II are understated. 
D) civilian consumption of most items actually rose during World War II.

Question 2

In 1940,federal government purchases of goods and services equaled roughly _____ of GDP;by 1943,this figure had risen to ________.

Accepted Answer

A) 20 percent;30 percent 
B) 8 percent;50 percent 
C) 15 percent;20 percent 
D) 1 percent;25 percent 
A) 20 percent;30 percent 
B) 8 percent;50 percent 
C) 15 percent;20 percent 
D) 1 percent;25 percent

Question 3

During World War II,price supports for agriculture

Accepted Answer

A) were not generally needed because of high demand. 
B) were considered by Congress but never enacted. 
C) were rescinded in order to encourage reductions in output. 
D) led to decreases in the supply of many products. 
A) were not generally needed because of high demand. 
B) were considered by Congress but never enacted. 
C) were rescinded in order to encourage reductions in output. 
D) led to decreases in the supply of many products.

Question 4

If supply is perfectly inelastic and demand increases,

Accepted Answer

A) price falls and output rises. 
B) price rises and output falls. 
C) price rises and output remains unchanged. 
D)  price rises and output rises. 
A) price falls and output rises. 
B) price rises and output falls. 
C) price rises and output remains unchanged. 
D)  price rises and output rises.

Question 5

The postwar years

Accepted Answer

A) ushered in what has been described as an unthinking materialist culture. 
B) ushered in what has been described as a consumer-oriented society that represented the fulfillment of the American dream. 
C) featured an unusual deviation from the long-term trend toward smaller families. 
D) All of the above are correct. 
E)  Only a and b are correct. 
A) ushered in what has been described as an unthinking materialist culture. 
B) ushered in what has been described as a consumer-oriented society that represented the fulfillment of the American dream. 
C) featured an unusual deviation from the long-term trend toward smaller families. 
D) All of the above are correct. 
E)  Only a and b are correct.

According to Robert Higgs,

In 1940,federal government purchases of goods and services equaled roughly _ of GDP;by 1943,this figure had risen to ____.

During World War II,price supports for agriculture

If supply is perfectly inelastic and demand increases,

The postwar years

Economic History

Founding the Colonies

Colonial Economic Activities

The Economic Relations of the Colonies

Economic Progress and Wealth

Three Crises and Revolt

Hard Realities for a New Nation

Land and the Early Western Movements

Transportation and Market Growth

Market Expansion Industry in First Transition

Labor During the Early Industrial Period

Money and Banking in the Developing Economy

The Entrenchment of Slavery and Regional Conflict

War, Recovery and Regional Divergence

Agricultures Western Advance

Railroads and Economic Change

Industrial Expansion and Concentration

The Emergence of Americas Labor Consciousness

Money, Prices, and Finance in the Postbellum ERA

Commerce at Home and Abroad

Mobilizing for War

The Roaring Twenties

The Great Depression

The New Deal

The Changing Role of the Federal Government

Government the Business Cycle After World War II

Manufacturing, Productivity, and Labor

Achievements of the Past, Challenges for the Future

Filters

Exam 25: World War II

According to Robert Higgs,

In 1940,federal government purchases of goods and services equaled roughly _____ of GDP;by 1943,this figure had risen to ________.

During World War II,price supports for agriculture

If supply is perfectly inelastic and demand increases,

The postwar years

Economic History

Founding the Colonies

Colonial Economic Activities

The Economic Relations of the Colonies

Economic Progress and Wealth

Three Crises and Revolt

Hard Realities for a New Nation

Land and the Early Western Movements

Transportation and Market Growth

Market Expansion Industry in First Transition

Labor During the Early Industrial Period

Money and Banking in the Developing Economy

The Entrenchment of Slavery and Regional Conflict

War, Recovery and Regional Divergence

Agricultures Western Advance

Railroads and Economic Change

Industrial Expansion and Concentration

The Emergence of Americas Labor Consciousness

Money, Prices, and Finance in the Postbellum ERA

Commerce at Home and Abroad

Mobilizing for War

The Roaring Twenties

The Great Depression

The New Deal

The Changing Role of the Federal Government

Government the Business Cycle After World War II

Manufacturing, Productivity, and Labor

Achievements of the Past, Challenges for the Future

Filters

In 1940,federal government purchases of goods and services equaled roughly _ of GDP;by 1943,this figure had risen to ____.