The human consequences of the Great Depression did not include
A. homeless families.
B. closed factories.
C. bankrupt farmers.
D. soup lines.
E. redistribution from the rich to the poor.
Answer: E
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Which of the following is a main characteristic of exchanges in the market system?
A) Decisions to trade are based on individuals' self interest. B) Exchanges are highly regulated by the government. C) Sellers hire economists to determine the market clearing price. D) Exchanges are part of the legislative imperative.
If labor is 80 percent of total costs in industry A and 20 percent in industry B, then other things equal, we would expect the elasticity of demand for labor to be
A) greater in industry A than in industry B. B) greater in industry B than in industry A. C) the same in both industries. D) uncertain since no general relationship exists between cost shares and elasticities.
When the economy has an income tax that is variable, the multiplier is
a. unchanged. b. larger. c. smaller. d. unpredictable.
Whenever a nation has substantial external debts and assets denominated in foreign currency:
A) it is easier to manage, since changes in value are often offsetting. B) there can be large and destabilizing wealth effects. C) its interest payments on the debt will be matched by interest earnings on the assets. D) the risk of default becomes very large.