Although the U.S. economy stabilized and GDP increased as a result of the programs created by President Roosevelt during the First Hundred Days, unemployment remained high, prompting Roosevelt to create the civil works administration, works progress administration, which employed millions of americans as part of what overall domestic program?
Answer: The New Deal
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If the market price is $50 for a unit of a good produced in a perfectly competitive market and the firm's minimum average variable cost is $52, then to maximize its profit (or minimize its loss) the firm should
A) definitely produce the unit. B) shut down. C) not produce the unit but remain open. D) not produce the unit. Whether the firm should shut down or remain open cannot be determined without more information. E) produce the unit only if the price exceeds the average fixed cost.
If the money supply grows at 5% and real GDP grows at 6%, the quantity theory predicts the inflation rate will be
A) -1%. B) 1%. C) 1.2%. D) 11%.
What's true about both the short-run and long-run in terms of production and cost analysis?
a. In the short-run, one or more of the resources are fixed b. In the long-run, all the factors are variable c. The time horizon determines whether or not an input variable is fixed or not d. The law of diminishing returns is based in part on some factors of production being fixed, as they are in the short run. e. All of the above
As disposable income increases, _____
a. consumption and saving both increase b. consumption increases and saving decreases c. consumption and saving both decrease d. consumption decreases but saving increases e. saving increases, but we cannot predict what happens to consumption