The presidents most closely associated with the Great Depression were __________ and ____________.
Fill in the blank(s) with the appropriate word(s).
Herbert Hoover; Franklin D. Roosevelt
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In the above figure, which movement illustrates the impact of the price level and money wage rate falling at the same rate?
A) E to H B) E to K C) E to J D) E to G
Answer the following statements true (T) or false (F)
1. Whether a tax is shifted forward or backward depends on the price elasticizes of demand and supply. 2. The effect of a tax is the same thing as the incidence of the tax. 3. A direct tax is one that cannot be shifted. 4. A flat tax is a form of sales tax. 5. Value-added tax rates in Europe usually range between 5 and 10 percent.
If policy makers do nothing in response to a recessionary gap, what will happen?
a. a rapid movement toward lower unemployment and higher inflation b. a rapid movement toward lower unemployment and lower inflation c. a slow movement toward lower unemployment and higher inflation d. a slow movement toward lower unemployment and lower inflation
Which of the following statements about the circular-flow diagram is correct?
a. One must imagine that the economy operates without money in order to make sense of the diagram. b. The diagram leaves out details that are not essential for understanding the economic transactions that occur between households and firms. c. The government cannot be excluded as a decision maker in a circular-flow diagram. d. All of the above are correct.