Which of the following is an accurate statement about the Great Depression?
(A) It was a recession that became a depression because of World War II.
(B) It was the most severe economic downturn in the history of industrial capitalism.
(C) It was set off because of a sharp and unexpected rise in interest rates.
(D) Its effects and duration would have been even worse if it weren't for a strong economy in Japan and Europe at the time.
Ans: (B) It was the most severe economic downturn in the history of industrial capitalism.
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In a competitive market when there is no deadweight loss
A) consumer surplus is minimized. B) producer surplus is minimized. C) consumer surplus plus producer surplus is maximized. D) consumer surplus plus producer surplus is minimized.
Which of the following is entrusted with the responsibility of settling trade disputes between countries?
a. The European Union b. The International Monetary Fund c. The World Trade Organization d. The International Labor Organization e. The United Nations Organization
Which of the following would NOT cause the costs in a monopolistically competitive industry to be higher than those in a perfectly competitive industry?
A. A large number of competitors B. Advertising expenditures C. Marketing costs necessary to differentiate a product D. The ability to control the price of the product so costs can be allowed to rise
Based on Table 9.1, the balance on the financial account is
A) +100. B) +200. C) 0. D) -100. E) -200.