In Return for Fifty Old American Destroyers, the British Gave

question 24

Multiple Choice

In return for fifty old American destroyers, the British gave the United States

• A) a major contract to supply weapons to the British army and navy.
• B) scientific information valuable for developing the atomic bomb.
• C) eight valuable naval bases stretching from Newfoundland to South America.
• D) access to German military codes.
• E) six air bases in Scotland and Iceland.

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Definitions:

Market Demand

represents the total demand for a product or service within a market, determined by consumers' willingness and ability to buy at various prices.

Economic Profits

The excess of total revenues over total costs, including both explicit and implicit costs.

Perfectly Competitive

Describes a market structure where numerous small firms compete against each other, and products are considered perfect substitutes.

Average Rate

A mathematical mean or typical value of a set of rates, often used in reference to interest rates, pricing, or other financial statistics.