What explains the nearly universal scope of the Great Depression?
What will be an ideal response?
The international gold standard played a central role in starting, deepening, and spreading the Great Depression.
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If the exchange rate changes from 1.00 euro per dollar to 1.10 euro per dollar, the dollar has
A) depreciated against the euro. B) appreciated against the euro. C) fallen inversely in value. D) appreciated against the dollar. E) depreciated against the dollar.
Refer to Scenario 10.5. From the perspective of the firm, what is the marginal cost of the 5th garden hose?
A) 4 B) 5 C) 16 D) 12 E) 8
An economic system
a. must answer the three economic questions to the satisfaction of everyone in society b. must not allow some members of society to gain an unfair advantage when answering the three economic questions c. must choose pure capitalism to adequately answer the three economic questions d. is a set of social institutions and mechanisms organized to answer the three economic questions e. can address problems of scarcity only by embracing the social institution of private property
When a positive externality is present
A) the market price is too low. B) the market price is too high. C) the market price is in equilibrium. D) none of these choices.