During the Great Depression of the 1930s, it took the economy only a couple of years to return to full employment
a. True
b. False
B
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Which of the following does not describe a characteristic of short-term economic fluctuations?
A. Expansions and recessions are felt in only a few sectors of the economy. B. The unemployment rate rises during recessions. C. Durable-goods industries are more sensitive to short-term fluctuations than service and non-durable industries. D. Expansions and recessions are irregular in length and severity.
Which of the following things does not have an objective cost?
A) Platinum B) Water C) Ski lift tickets D) Medical equipment E) None of the above has an objective cost.
(Consider This) The story about economist Irving Fisher's conversation with his masseuse illustrates that:
A. other things equal, interest rates are higher on smaller loans than on larger loans. B. interest is a payment required for someone to give up the present use of their money. C. other things equal, longer-term loans have lower interest rates than shorter-term loans. D. real interest rates differ from nominal interest rates.
Figure 7.1 shows a monopolist's demand curve. If the monopolist were to maximize its total revenue, it would produce ________ units of output and charge a price of ________.
A. 3; $5 B. 4; $4 C. 5; $3 D. 6; $2