Which of the Following Statements Is NOT True

question 44

Multiple Choice

Which of the following statements is NOT true?

• A) The Japanese economy flourished in the decades after World War II.
• B) Japanese GDP has not yet exceeded American GDP.
• C) Japan was able to avoid the pitfalls of industrialization experienced by the advanced economies prior to World War II.
• D) Japan's economy took off quickly after converting to a free market system.
• E) Japan had the world's second largest economy by the 1970s.

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Definitions:

ATC

Average Total Cost; the total cost of production (fixed and variable costs combined) divided by the number of units produced.

Price Charged

The amount of money a buyer has to pay to acquire a product or service from a seller.

Marginal Revenue

The revenue that a company gains by selling an additional unit of a product, indicating the income effect of increasing output by one unit.

Marginal Cost

The additional financial burden of creating another unit of a product or service.