In the year after the stock market crash of 1929, stock prices on average ___
a. were lower than they had been in decades.
b. were lower than in 1929 but higher than in the mid-1920s.
c. rebounded to a level higher than in 1929.
d. cannot be reliably calculated because no buyers could be found for many stocks, and hence no prices were reported.
b. were lower than in 1929 but higher than in the mid-1920s.
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When the price of labor increases, the substitution effect will ________ the quantity of labor demanded and the output effect will ________ it
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease
Vertical integration can sometimes be used to
a. Avoid paying higher taxes b. Reward the retailer for undertaking the risk inherent in introducing a new product c. Serve as a "signal" of the manufacturer's belief of the likely success of his product d. All of the above
Per capita GDP is a measure of the dollar value of output produced by an average worker in one hour
a. True b. False Indicate whether the statement is true or false
The aggregate demand curve is likely to shift downward because of a(n): a. increase in a household's wealth. b. decrease in tax rates
c. decrease in government spending. d. increase in consumer spending.