During the Great Depression in the 1930s unemployment was so bad that nearly _____ of the labor force was unemployed.
A. 1/2
B. 1/5
C. 1/4
D. 1/3
C. 1/4
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According to the graph shown, if this economy were to open to trade, the amount consumed domestically would:
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
A. increase by 35.
B. increase by 40.
C. decrease by 40.
D. increase by 75.
The _____________is the period of production that allows producers to change the amount of labor.
Fill in the blank(s) with the appropriate word(s).
An entrepreneur is willing to bring a supply of goods to the market if expected:
A. average total cost is greater than expected price. B. average revenue is equal to expected price. C. price and expected average total cost are equal. D. price is greater than expected average total cost.
An economy has two workers, Jen and Rich. Everyday they work, Jen can produce 2 TVs or 10 radios, and Rich can produce 4 TVs or 12 radios. What is the opportunity cost for Rich to produce one radio?
A. 1/6 TV B. 4 TVs C. 1/3 TV D. 1/12 TV