In the Great Depression of the 1930s, the unemployment rate in the U.S. climbed to what percentage?
A) 5
B) 10
C) 15
D) 20
E) 25
E
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A monopolistically competitive industry is like a purely competitive industry in that
A. each industry produces a standardized product. B. nonprice competition is a feature in both industries. C. firms in both industries face a horizontal demand curve. D. neither industry has significant barriers to entry.
In the above figure, the shift in the demand curve from D to D1 can be the result of
A) a decrease in income if pizza is a normal good. B) a decrease in the price of a sub sandwich, a substitute for pizza. C) an increase in the price of soda, a complement to pizza. D) an increase in the number of teenagers, all of whom demand more pizza than do other age groups. E) new technology that increases the profit from producing pizza.
Refer to Figure 12-5. What is the minimum price the firm requires to produce output?
A) $20 B) $14 C) $5 D) It cannot be determined
With each additional unit consumed, ______ decreases.
a. marginal utility b. consumer equilibrium c. product substitution d. total utility