The Great Depression was characterized by:
A. unemployment exceeding 25 percent.
B. the Roaring Twenties.
C. accelerated economic growth.
D. firms rapidly expanding their borrowing rates.
A. unemployment exceeding 25 percent.
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The federal government has a Constitutional requirement to operate a balanced budget each fiscal year
Indicate whether the statement is true or false
Goods are ________ when the income elasticity of demand is less than zero
A) substitutes B) complements C) inferior D) elastic E) normal
While there is no specific number of firms that must dominate an industry before it is an oligopoly, the number of sellers characterizes an oligopoly when
A. there are more firms than a monopolistically competitive market. B. there is a sufficient number of firms to satisfy the market demand. C. the firms are so large relative to the total market that they can affect the market price. D. the firms are so small relative to the total market that they cannot affect the market price.
Which group of individuals most likely benefits from rent controls?
A) the unemployed who fail to obtain rental housing B) low-income wage earners who fail to obtain rental housing C) single parent families without savings or other financial assets who fail to obtain rental housing D) upper-income professionals who rent apartments at the price ceiling rate