Wartime Prosperity? A Reassessment of the U.S. Economy in the 1940s (Exam 3)

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Last updated 7:41 PM on 6/29/26
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7 Terms

1
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Government spent heavily on military goods

During WW2, why did wartime GDP significantly increase?

2
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Consumer well-being declined

How was consumer well-being during the war?

3
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54-56 million

Where did the civilian labor force range from between 1940-1945

4
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the purpose, value, and scope of economic activity.

What did Simon Kuznets say that national income accounts must make definite assumptions about?

5
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Declined

Did consumption during WW2 increase or decline?

6
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Shortages increased, black markets developed, quality deteriorated

According to Higgs, why did

7
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Private investment boomed, consumer spending exploded, entrepreneurship expanded, living standards rose rapidly

What happened to the economy after the war ended?