Most economists believe the severity and duration of the Great Depression was primarily the result of
a. the large budget deficits of the federal government.
b. the reduction in tariffs and the influx of foreign imports during the early 1930s.
c. the excessive use of credit cards.
d. a sharp contraction in the money supply.
D
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Along the aggregate supply curve, the quantity of real GDP supplied increases when the price level rises because
A) the real wage rate rises. B) the demand for the goods and services increases. C) the real wage rate falls. D) the real wage rate and profits both fall. E) profits decrease.
The marginal product of labor can be defined as: a. the change in profit divided by the change in labor, other factors of production held constant
b. the change in total output provided by a one unit increase in labor employed, other factors of production held constant. c. the total output divided by the total labor utilized. d. the change in labor utilized divided by the change in total output, other factors of production held constant.
When the government of India lowered tariff barriers and removed the need for approvals for routine industrial expansion, what source of growth did this reform change directly?
A. Growth-compatible institutions B. Human capital C. Technology D. Physical capital
If Japanese workers are more productive than French workers then trade between Japan and France
A) can take place only if France has an absolute advantage in producing a good or service Japanese buyers want. B) cannot take place because Japanese goods and services will be less expensive than French goods and services. C) cannot take place until French workers become more productive. D) will take place so long as each country has a comparative advantage in a good or service that buyers in the other country want.