In Retrospect,it Is Clear That the First World War

question 110

Multiple Choice

In retrospect,it is clear that the First World War

• A) accustomed political leaders to see a governmental role in coordinating economic activity as both vital and normal in meeting economic goals-but not in capitalist regimes.
• B) helped to create the new military thinking of early 1916, which enabled military commanders on the Western Front to cut casualties and equipment usage while ending the debilitating system of trench warfare.
• C) profoundly revived the faith of most soldiers, and civilians also, in the possibility of ending war and fostering permanent peace.
• D) helped to produce structural crises which toppled the Russian, Ottoman, Austro-Hungarian, and German governments.
• E) made the world safe for democracy.

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Definitions:

Compensating Variation

A monetary measure of the amount of money a consumer would need to reach their original utility level after a price change.

Tax

A compulsory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund government spending and various public expenditures.

Utility Function

A mathematical expression that describes how the total satisfaction or happiness of a consumer changes with changes in consumption of goods and services.

Demand Function

A mathematical equation that describes the relationship between the quantity demanded of a good and its various determinants like price, income, and prices of related goods.