The Great Depression that started in 1929 was
A) confined only to the United States.
B) confined only to the United States and Britain.
C) confined only to the United States and Europe.
D) a global phenomenon.
E) confined only to the Americas.
D
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Economic profit equals total revenue minus total
A) explicit costs. B) opportunity costs. C) implicit costs. D) accounting costs. E) entrepreneur's costs.
________ are asymmetric information problems that act as a barrier to efficient allocation of capital
A) Asset prices B) Credit imbalances C) Financial frictions D) Financial derivatives
A deposit outflow results in equal reductions in
A) loans and reserves. B) assets and liabilities. C) reserves and capital. D) assets and capital.
Which of the following statements regarding GDP is correct?
a. GDP includes factory production, but not any harm that may be inflicted on the environment. b. GDP accounts for all activities taking place outside markets. c. GDP provides detailed information about the distribution of income. d. GDP is a good measure of economic well-being for all purposes.