The National Security Act of 1947

question 111

Multiple Choice

The National Security Act of 1947

• A) created the National Security Council.
• B) created the Central Intelligence Agency.
• C) created the Department of Defense.
• D) combined the functions previously performed separately by the War and Navy Departments.
• E) All these answers are correct.

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Definitions:

Short Run

In economics, a period during which at least one of a firm's inputs is fixed and cannot be changed.

Fixed Input

An input in the production process that cannot be changed in the short term, such as buildings or land.

Long-Run Adjustment

A process in which firms adjust their inputs and outputs to achieve the optimal level of production and efficiency over an extended period.

Farmer

An individual engaged in the activity of agriculture, aiming to produce crops and raise livestock for consumption or sale.