Which of the following contributed to the severity of the Great Depression in the 1930s?
a. constant structural changes that created uncertainty and undermined markets
b. the Fed's policy of rapid monetary expansion during the early 1930s
c. a reduction in tariffs protecting many U.S. industries
d. a substantial tax rate reduction, which led to large deficits and high interest rates during the early 1930s
A
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Refer to the above figure. A surplus will exist when
A) the price is between $0 and $6. B) the price equals $6. C) the price equals $10. D) quantity demanded equals 15.
The demand for a monopolistically competitive firm's product is
A. perfectly elastic. B. more elastic than for a monopoly. C. more inelastic than for a monopoly. D. perfectly inelastic.
At a price of $4, quantity supplied is 120, and at a price of $10, quantity supplied is 300. Using the midpoint formula, the price elasticity of supply is ________ and supply is ________.
A. 1; unit elastic B. 0.40; inelastic C. 2.5; elastic D. 0.1; inelastic
Use the following table to answer the next question. The base year is 2007.YearHot DogsBaseballsBottles of Beer?PriceQuantityPriceQuantityPriceQuantity2005$2.50100$2.5050$1.0010020064.001005.001002.0015020075.001005.001002.0020020088.001508.002004.00200200910.0020010.002004.00250Inflation for the year 2008 is
A. 80%. B. 76.5%. C. 71%. D. 50%.