In the United States in the 1920s, there were many bank failures in ___ areas, as the result of ___
a. rural, high levels of indebtedness taken on in WWI
b. rural, pro-urban Federal spending policies
c. urban, lack of demand from the lower middle class for industrial products
d. urban, pro-rural Federal spending policies
b. rural, pro-urban Federal spending policies
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The figure above shows a perfectly competitive firm. When the firm maximizes its profit, its total revenue is
A) $1,200. B) $900. C) $600. D) unable to be determined without more information.
Which of the following can be classified as a regressive tax?
a. Excise tax. b. Sales tax. c. Gasoline tax. d. All of these.
The production possibilities frontier is useful for demonstrating both scarcity and productive inefficiency
a. True b. False
Which of the following describes the general effect of tariffs on consumer surplus as shown in Exhibit 1?
a. eliminated
b. unchanged
c. decreased
d. increased