HISTORY
THE COLD WAR ERA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Increasing salaries
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Making purchases with credit
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Production of war materials
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Merging of labor unions
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Detailed explanation-1: -Economists define four factors of production: land, labor, capital and entrepreneurship. These can be considered the building blocks of an economy. How these factors are combined determines the success or failure of the outcome.
Detailed explanation-2: -During the war 17 million new civilian jobs were created, industrial productivity increased by 96 percent, and corporate profits after taxes doubled. The government expenditures helped bring about the business recovery that had eluded the New Deal.
Detailed explanation-3: -Three factors have contributed to the overall success of the American economy-available natural resources, a skilled labor force, and a stable political system that has allowed the economy to develop.
Detailed explanation-4: -Economists generally agree that economic development and growth are influenced by four factors: human resources, physical capital, natural resources and technology.