Which statement is true?
A. There was brief depression in the early 1920s.
B. Between 1921 and 1929 national output tripled.
C. The automobile market was completely saturated by 1921 and sales remained low for the rest of the decade.
D. None of these statements are true.
A. There was brief depression in the early 1920s.
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Which of the following is not a condition of monopolistic competition?
a. firms produce a similar product b. products are differentiated c. advertising may exist d. each firm charges the same price for its output
If the money supply in an economy is $300, the price level is $4, and real GDP is $1,500, what is the nominal value of output?
a. $1,200 b. $4,500 c. $6,000 d. $180,000 e. $500
If a binding price floor is imposed on the video game market, then
a. the quantity of video games demanded will decrease. b. the quantity of video games supplied will increase. c. a surplus of video games will develop. d. All of the above are correct.
Macroeconomists are concerned with
A. most questions about individual markets than the overall economy. B. the causes of unemployment than with the personalities of individual workers. C. the details of resource allocation and individual market prices than the size of national output. D. the price of particular products than the overall price level.