What is the best description of the US economy from 1929-1940?
a. GNP decreased continually during the greatest Depression our nation has known.
b. The economy suffered a large drop from 1929-1933, but then grew steadily through WW II.
c. The economy suffered an initial drop, a four-year expansion and then another drop towards the end of the decade.
d. The unemployment rate increased steadily throughout the period.
c. The economy suffered an initial drop, a four-year expansion and then another drop towards the end of the decade.
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Continuous rapid growth of the money supply relative to the growth of real output will most likely lead to
a. persistent inflation. b. low nominal interest rates. c. high rates of real economic growth. d. low unemployment.
Buyers and sellers rarely share the burden of a tax equally
a. True b. False Indicate whether the statement is true or false
Which of the following goods is likely to have the most inelastic demand?
A. restaurant meals B. air travel C. movies D. cigarettes
How are potential GDP, full employment and the LAS curve related?
What will be an ideal response?