One World View article is titled "Global Depression." The countries that experienced the Depression
A. Experienced higher employment levels than previously recorded.
B. Suffered substantial losses of output and employment.
C. Experienced high unemployment but an increase in output.
D. Experienced GDP growth but at a rate below the long-term trend.
Answer: B
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Indicate whether the statement is true or false
Suppose a country had $3.5 billion of net exports and bought $6.8 billion of goods and services from foreign countries. This country would have
a. $10.3 billion of exports and $6.8 billion of imports. b. $10.3 billion of imports and $6.8 billion of exports. c. $6.8 billion of exports and $3.5 billion of imports. d. $6.8 billion of imports and $3.5 billion of exports.
According to the Phillips curve, policymakers could reduce both inflation and unemployment by
a. increasing the money supply. b. increasing government expenditures. c. raising taxes. d. None of the above is correct.
Which of the following best describes the idea of excess capacity in monopolistic competition?
a. Firms produce more output than is socially desirable. b. The output produced by a typical firm is less than what would occur at the minimum point on its ATC curve. c. Due to product differentiation, firms choose output levels at which P > ATC. d. Firms keep some surplus output on hand in case there is a shift in demand for their product. e. The collective output of all firms in the market typically exceeds the quantity demanded.