During the decade of the 1920s, the U.S. economy
(a) was generally healthy and gave no indication of the troubles that lay ahead regarding
the Great Depression.
(b) was relatively stagnant in terms of growth of total output with small declines in agriculture
and housing, which suggested that difficult times might lie ahead in the 1930s.
(c) experienced actual declines in overall production levels, including agriculture and housing, which suggested that even more difficult times probably lay ahead.
(d) experienced relatively rapid growth in overall output but in the late 1920s nevertheless
showed weaknesses in certain sectors such as agriculture, housing and the financial
sector, which suggested the possibility of difficult times ahead.
(d)
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Of the three major economic questions, which of the following is the best example of a "What?" question?
A) Should we make faster microprocessors or pest-resistant corn? B) Should higher-income or lower-income people buy SUVs? C) What should doctors be paid? D) Should automobiles be produced using workers or robots? E) Should migrant workers or domestic workers be used to pick grapes?
Which of the following is included in M0, but not in M1?
A) demand deposits B) deposits of depository institutions at the Federal Reserve C) currency held by the U.S. public D) U.S. currency held by foreigners
Under a proportional tax, the fraction of income paid in taxes
A. rises as income rises. B. is unchanged as income changes. C. falls as income rises. D. is proportional to the change in income.
The "all other things unchanged" assumption is used to:
A) express the fundamental questions in economics. B) approximate real-world conditions. C) simplify the very complex real world. D) do all of the above.