The statement that is NOT true about the economy at the end of World War II is C. Wage freezes reduced consumer spending.
During World War II, the U.S. government implemented wage freezes to prevent inflation and ensure that resources were allocated towards the war effort. However, after the war ended, these wage freezes were lifted, leading to a surge in consumer spending as people had more disposable income. This increase in consumer spending, along with other factors such as government spending on infrastructure and education, contributed to the post-war economic boom. The GNP and corporate profits did double, the national debt did quadruple during the war, and efficiencies in farming did reduce manual labor needs.
Explanation : During World War II, the U.S. government imposed wage freezes to prevent inflation and ensure that resources were allocated towards the war effort. This policy kept wages from rising, which helped to control the price of goods and services during the war. However, after the war ended, the government lifted the wage freezes, which resulted in a surge in consumer spending as people had more money to spend.
The increase in consumer spending, combined with other factors such as government spending on infrastructure and education, contributed to the post-war economic boom in the United States. This economic boom was characterized by a sharp increase in Gross National Product (GNP) and corporate profits. Additionally, advancements in technology and agricultural practices led to increased efficiencies in farming, which reduced the need for manual labor.
Therefore, options A, B, and D are true statements about the U.S. economy at the end of World War II, while option C is not true.