For all intents and purposes, the Great Depression ended in
A. 1933.
B. 1937.
C. 1941.
D. 1945.
C. 1941.
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"The price of compact fluorescent light bulbs fell because of improvements in production technology. As a result, the demand for incandescent light bulbs decreased
This caused the price of incandescent light bulbs to fall; as the price of incandescent light bulbs fell the demand for incandescent light bulbs decreased even further." Evaluate this statement. A) The statement is false because the demand for incandescent light bulbs would increase as the price of compact fluorescent light bulbs fell. B) The statement is false because it confuses the law of demand with the law of supply. C) The statement is false. A decrease in the price of compact fluorescent light bulbs would decrease the demand for incandescent light bulbs, but a decrease in the price of incandescent light bulbs would not cause the demand for incandescent light bulbs to decrease. D) The statement is false because compact fluorescent light bulbs producers would not reduce their prices as a result of improvements in technology; doing so would reduce their profits.
Unions have found it particularly difficult to organize workers in service-based industries. Why?
Assume there are three hardware stores, each willing to sell one standard model hammer in a given time period. House Depot can offer their hammer for a minimum of $7. Lace Hardware can offer the hammer for a minimum of $10. Bob's Hardware store can offer the hammer at a minimum price of $13. Given the scenario described, if the market price of hammers increased from $8 to $11:
A. total producer surplus would increase by $3. B. total producer surplus would increase by $9. C. total producer surplus would increase by $4. D. total producer surplus would increase by $6.
If the substitution effect is greater than the income effect, a decrease in interest rates will
A. increase both saving and consumption spending by households. B. decrease both saving and consumption spending by households. C. increase saving and decrease consumption spending by households. D. decrease saving and increase consumption spending by households.