The Great Depression
A) is a very serious recession in U.S. history in which national income fell by 30 percent
B) was the most serious recession in U.S. history until the more recent "Great Recession"
C) imposed great hardships on households because the unemployment rate reached as high as 10 percent
D) all of the above
Answer: A) is a very serious recession in U.S. history in which national income fell by 30 percent
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Let C = 120 + 0.8y. Assume no government or foreign sectors. At the equilibrium level of income, y* = 200, the level of saving is
A) -80. B) -30. C) 96. D) 160.
The winners curse is more often associated with;
a. oral auctions b. second-price auctions c. first-price sealed bid auctions d. common value auctions
Scarcity
a. Can be eradicated with sufficient economic growth. b. Could be eradicated if we could just eliminate greed. c. Can never be eradicated d. Both a. and b. are true
A price ceiling set below the equilibrium price causes a shortage in the market
a. True b. False Indicate whether the statement is true or false