During the Great Depression of the 1930s, unemployment peaked at _____%
a. 5 percent
b. 10 percent
c. 20 percent
d. 25 percent
e. 30 percent
d
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In a perfectly competitive market, in the long run a permanent decrease in the market demand results in a smaller number of firms
Indicate whether the statement is true or false
Explain why average total costs initially decrease and then increase as output increases
What will be an ideal response?
One of the reasons that communism failed in the Soviet Union is that, under communism:
a. no one had property rights, so there was little incentive to use resources efficiently. b. there were high rates of unemployment and homelessness accompanied by a high rate of inflation. c. planners did not have all the information necessary to make efficient decisions. d. there was a high degree of political freedom. e. there was a high degree of economic freedom.
The organization responsible for creating and regulating the U.S. money supply is
a. the Department of Commerce b. the Council of Economic Advisers c. the U.S. Mint d. the Federal Reserve System e. the Department of the Treasury