The Great Depression is still the subject of controversy, including the question(s) of
(a) what caused the initial downturn.
(b) why the economy contracted for so long (1929 to 1932) and why it contracted so much
(real GNP fell about 30%).
(c) whether government policy helped or hindered the recovery attempt.
(d) all of the above.
(d)
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The "efficiency wage" is the wage at which
A) employees have no incentive to shirk. B) employees have an incentive to do the optimal (positive) amount of shirking. C) the cost of looking for work is equal to the value of the leisure time for the unemployed individual. D) there is no unemployment. E) there is only frictional unemployment.
According to a recent survey, in 2016, the number of U.S. households that owned equities was about
A. 3 percent. B. 27 percent. C. 50 percent. D. 65 percent.
Dead capital is most likely to exist when
A. there are restrictions on imports. B. property rights are well-defined. C. there are restrictions on exports. D. residents of a country face barriers to establishing legal ownership of resources.
Refer to the data. The profit-maximizing price for the monopolist will be:
A. $5.00.
B. $2.90.
C. $3.35.
D. $4.50.