According to the textbook, L. Frank Baum, the author of The Wonderful Wizard of Oz, blamed ____________________ for the economic depression of 1893 and the related hardships faced by farmers and workers
A) the gold standard
B) the silver standard
C) a massive tornado
D) high taxes
A
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If you must determine the long-run equilibrium output of a perfectly competitive firm and you are permitted to see only one curve, which of the following curves is most helpful?
a. demand b. marginal cost c. average cost d. average fixed cost
The GDP deflator is designed to adjust nominal GDP
a. for changes in the unemployment rate. b. for changes in prices. c. for problems that arise because of externalities. d. for changes in interest rates.
Figure 8.4 depicts demand and costs for a monopolistically competitive firm. If the firm's demand curve shifts to the left as more firms enter the market:
A. the firm's average cost will be higher at the new profit-maximizing output level. B. the firm's average cost will be lower at the new profit-maximizing output level. C. the firm's average cost will remain the same at the new profit-maximizing output level. D. There is not sufficient information.
A production possibilities curve that is a straight line represents the case of
A) constant costs. B) increasing costs. C) constant opportunity costs but increasing real costs. D) constant opportunity costs but decreasing real costs.