In implementing the Marshall Plan (194851),
(a) the United States discouraged European countries from cooperating among themselves to increase trade, as it was felt that economic recovery would be better achieved through competition.
(b) the United States, in order to offset the large capital outflow caused by loans and grants made abroad, tried to maintain a balance of payments surplus.
(c) the United States offered financial aid to many of the economies in Western Europe devastated by World War II.
(d) the U.S. dollar was devalued 30 against other world currencies.
Question 2
In the classical model, a tax on labor supply will
a. decrease the demand for labor, increase the real wage, decrease output, and reduce the price level.
b. decrease the supply of labor, increase real wages, decrease output, and increase the price level.
c. decrease the demand for labor, the real wage, decrease output, and increase the price level.
d. have no effect on the labor market, but reduce output and increase the price level.
e. increase both labor demand and supply, which will increase output and the price level.
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