After the Stock Market Crash Prompted Tough Times in Japan

question 31

Multiple Choice

After the stock market crash prompted tough times in Japan,

• A)the new emperor, Hirohito, abandoned plans to expand Japan's colonial holdings.
• B)the power and influence of the zaibatsu in the government increased.
• C)rural peasants begged the country's leaders to industrialize.
• D)the country's nationalists wanted more liberal foreign policy to entice global investor's to Japan.
• E)public support mounted for increasing the size of the military because it was a source of jobs.

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Definitions:

Labor

The human effort, both physical and mental, used in the production of goods and services, considered one of the main factors of production.

Deadweight Loss

A loss in total societal welfare that occurs when market equilibrium is not achieved or when market imperfections exist, leading to inefficient allocation of resources.

Relatively Inelastic

Describes a situation where the demand for a good or service changes by a smaller percentage than changes in its price.

Deadweight Loss

A situation where inefficiency in the market leads to a loss of total social welfare, typified by a gap between the supply and demand curves.