After 1926, a decline in total building construction occurred even though building costs remained fairly stable
Indicate whether the statement is true or false
True
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Changes in technology over time will result in
A) a more inelastic supply curve. B) a more elastic supply curve. C) a unitary elastic supply curve. D) no change in the elasticity of supply.
The right decision about what to produce and who to trade with happens:
A. almost entirely by market decisions automatically. B. when governments publish comparative advantage numbers. C. only after firms research the cost of inputs such as labor and raw materials, and the sale prices of different goods you could produce, and calculate the most profitable option. D. governments from different countries get together to decide on trade.
In the 1930s, some nations such as the United States and Britain abandoned their gold pegs by adopting ________, whereas other nations such as Germany and South American nations adopted ________.
A) floating exchange rates and open capital markets; fixed exchange rates and capital controls B) fixed exchange rates and open capital markets; floating exchange rates without capital controls C) fixed exchange rates and closed capital markets; floating exchange rates and closed capital markets D) floating exchange rates with closed capital markets; floating exchange rates and open capital markets
If an economy produces 2,000 units of output with a price level of $1 and the money supply (M) is $1,000, velocity is:
A. 2. B. 5. C. 500. D. 50.