Which of the following was not characteristic of the U.S. economy during the Great Depression?
A. Automobile production fell.
B. The stock market crashed.
C. Families lost their farms.
D. Unemployment reached 50 percent.
Answer: D
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Moral hazard and adverse selection are the result of ________
A) prudential supervision B) any and all government policy C) excessive price fluctuations D) asymmetries of information
Refer to the above figure. If the aggregate demand curve shifts beyond AD5, which of the following would we NOT expect?
A) strong demand-pull inflation B) no increase in real Gross Domestic Product (GDP) C) strong and rapid increases in the price level D) increases in real net domestic product
A monopolist can maximize profits by determining the quantity where price is equal to marginal cost.
Answer the following statement true (T) or false (F)
The time and resources required to administer the current tax system create ______.
a. a high level of efficiency b. a deadweight loss c. an efficient equilibrium d. an economic recession