One World View article titled "Global Depression" states, "The Great Depression wasn't confined to the U.S. economy." This implies that many other countries
A. Were producing inside their production possibilities curves.
B. Experienced an increase in real GDP.
C. Were producing on their production possibilities curves.
D. None of the choices are correct.
Answer: A
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If the target exchange rate is 100 yen per dollar and the current exchange rate is 90 yen per dollar, the Fed will
A) sell dollars and the demand for dollars will increase. B) sell dollars and the demand for dollars will decrease. C) buy dollars and the demand for dollars will increase. D) buy dollars and the demand for dollars will decrease.
Economies of scale exist when the
A) total cost of production falls as the output increases. B) cost of producing a unit of a good falls as its output decreases. C) cost of producing a unit of a good falls as its output increases. D) firm uses specialized resources to produce a range of goods and services.
Maddy purchases 2 pounds of beans and 3 pounds of rice per month when the price of beans is $2 per pound. She purchases 1 pounds of beans and 4 pounds of rice per month when the price of beans is $3 per pound. Maddy's cross-price elasticity of demand for beans and rice is
a. 0.71, and they are substitutes. b. -0.71, and they are complements. c. 1.4, and they are substitutes. d. -1.4, and they are complements.
If a firm can influence the market price of the good it sells, then it is said to have __________
Fill in the blank(s) with correct word