The Great Depression
A) is a very serious recession in U.S. history in which national income fell by 10 percent
B) was the most serious recession in U.S. history until the more recent "Great Recession"
C) imposed great hardships on households because the unemployment rate exceeded 20 percent
D) all of the above
Answer: C) imposed great hardships on households because the unemployment rate exceeded 20 percent
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Does the presence of asymmetric information necessarily imply that governments should intervene in a market?
What will be an ideal response?
Which of the following is not an example of a practice that facilitates "tacit collusion"?
A) Uniform prices charged by the firms in a particular industry. B) Advance notice of price changes by one or more of the firms in an industry. C) The use of most-favored-customer clauses. D) The formation of a cartel.
Vault cash is equal to $8 million, deposits by depository institutions at the central bank are $2 million, the monetary base is $40 million, and bank deposits are $90 million. The money multiplier is equal to
A) 2.5. B) 3.0. C) 4.0. D) 5.0.
Between 1860 and 1890, both daily wages and annual earnings
a. fell slightly. b. stayed roughly the same. c. increased by 10%. d. increased by 50%.