During the Great Depression the US unemployment rate hit what percentage?
Answer: 25%
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In 1984, the National Minimum Drinking Age Act was passed, raising the legal age to consume alcoholic beverages in the United States to 21. In much of Europe, the legal age to consume alcohol is 18
If the legal drinking age in the United States was changed back to 18, how would this affect the market for alcoholic beverages? What would happen to the equilibrium price and quantity of alcoholic beverages?
A price ceiling that is set below the equilibrium price
A) causes suppliers to raise their prices. B) is binding. C) is non-binding. D) creates a surplus.
Which of the following is not a basic monetary policy tool used by the Fed?
A. The discount rate. B. The reserve requirement. C. Taxes. D. Open-market operations.
The frictional unemployment rate is 2.5 percent, the structural unemployment rate is 3.1 percent, and the economy's current unemployment rate is 5.6 percent. The economy is in
A) an inflationary gap producing more than Natural Real GDP. B) a recessionary gap producing more than Natural Real GDP. C) an inflationary gap producing Natural Real GDP. D) a recessionary gap producing less than Natural Real GDP. E) long-run equilibrium.