In the Great Depression, the financial sector collapsed, as
A) banks engaged in ruinous competition.
B) the stock market boomed, so people withdrew most of their funds from banks and invested heavily in stocks.
C) the bond market boomed, so people withdrew most of their funds from banks and invested heavily in bonds.
D) many banks closed.
D
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A graph of the value of one variable against the value of another variable is known as a
A) two-dimensional graph. B) three-dimensional graph. C) time-series graph. D) scatter diagram. E) two-variable graph.
The figure above shows the costs and benefits associated with producing paper. What is the efficient level of output?
A) 0 B) 4 tons C) 6 tons D) More than 6 tons E) None of the above answers is correct.
Many economists think that, in the long run, the economy generally tends to move toward: a. an accelerating inflation rate
b. a stable price level. c. the natural or full-employment rate of inflation. d. the natural or full-employment rate of unemployment.
Economists use the term ______ to refer to a situation in which the market on its own fails to produce an efficient allocation of resources
Fill in the blank(s) with correct word