By 1937, when a new recession began in the midst of the Great Depression,
A. GDP had almost recovered to its 1929 level, but unemployment was still above the 1929 level.
B. both GDP and unemployment had returned to near their 1929 levels.
C. unemployment had almost fallen back to its 1929 level, but GDP had yet to recover to its 1929 level.
D. neither GDP nor unemployment had returned to near their 1929 levels.
Answer: A
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According to the textbook application, California’s urban smog problem
a. diminished because of the responsiveness of U.S. automobile manufacturers b. was never addressed by state legislation c. was linked through scientific study to auto emissions in the 1950s d. all of the above
Within the Keynesian cross, the adjustment towards equilibrium occurs through:
A) inflation. B) inventories. C) interest rates. D) none of the above.
Federal government expenditures as a percentage of GDP
A) have risen since the early 1950s to the present. B) have fallen since the early 1950s to the present. C) rose from 1950 to 1991, fell from 1992 to 2001, rose again until 2011, and have fallen from 2011 to the present. D) rose from 1950 to 2001 and then fell from 2001 to the present. E) rose from 1950 to 1980, fell from 1981 to 2001, and have risen from 2001 to the present.
In foreign exchange markets, speculators help:
A. Decrease the influence of the futures market because their trades demand current payments B. Increase fluctuations in exchange rates because of wild buying and selling C. Decrease the value of most currencies because they tend to hedge the market D. Increase international trade because they absorb risk which others do not want to bear