During the Great Depression we observed:
a. higher prices.
b. higher real wages.
c. lower output.
d. higher money wages.
e. both b and d.
E
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Suppose that Country A and Country B each had the same per capita real Gross Domestic Product (GDP) of $10,000 in 2008
Country A's per capital real Gross Domestic Product (GDP) had a growth rate of 3 percent per year and Country B's per capital real Gross Domestic Product (GDP) had a growth rate of 4 percent per year. By 2013, the per-capita real Gross Domestic Product (GDP) for the two countries, respectively, were A) $10,300 and $10,400. B) $11,593 and $12,167. C) $14,000 and $16,000. D) $11,941 and $12,653.
Economics is the study of how society manages its
a. limited wants and unlimited resources. b. unlimited wants and unlimited resources. c. limited wants and limited resources. d. unlimited wants and limited resources.
When Joe's Gas raises its price for regular unleaded gasoline, total revenue from regular unleaded gas falls to zero. It must be the case that
A. the demand for Joe's regular unleaded is inelastic. B. consumers are switching to premium grades of gasoline. C. there are not many good substitutes for Joe's regular unleaded gasoline. D. the demand for Joe's regular unleaded gasoline is perfectly elastic.
Advertising serves no productive purpose and is thus welfare decreasing.
Answer the following statement true (T) or false (F)