In the 1937-1938 economic downturn
A. the number of unemployed rose dramatically by about 5 million.
B. industrial production fell by 30 percent.
C. presidential as well as Federal Reserve policy helped to cause the decline.
D. All of the choices are true.
D. All of the choices are true.
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Which of the following is most likely to affect the supply of labor in any particular industry?
a. the size of the available working population b. the nonmonetary attractiveness of the job c. the amount of ability and training necessary to enter the job d. all of the above
A positive temporary supply side shock will:
A. increase the level of potential output in the long run. B. decrease the price level in the long run. C. increase the price level in the long run. D. have no effect in the long run.
Suppose that in Germany, the opportunity cost of producing a gallon of beer is 5 gallons of wine. In Italy, the opportunity cost of producing a gallon of beer is 3 gallons of wine
a. What is the opportunity cost of producing a gallon of wine for Germany? b. What is the opportunity cost of producing a gallon of wine for Italy? c. Which country has a comparative advantage in the production of beer? d. Which country has a comparative advantage in the production of wine?
A tariff will typically
A. reduce the price, net of the tariff, that is received by sellers and increase the price paid by consumers. B. increase the price paid by consumers. C. reduce the price, net of the tariff, that is received by sellers. D. increase the price, net of the tariff, that is received by sellers.