The Great Depression:
A. resulted in the development of microeconomics.
B. was a period of low production and high unemployment.
C. occurred only in the United States.
D. ended a few months after the stock market crash of 1929.
Answer: B
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Self interest
A) reflects choices that are best for the individual who makes them. B) reflects choices that are best for society as a whole. C) occurs only when wants exceed available resources. D) cannot be used to determine how goods are produced. E) has nothing to do with determining what goods are produced.
Everything else equal, the AC curve will shift when
A. the price of the product rises. B. technological change raises the MPP of one input. C. output rises. D. increasing returns to scale are present.
Over the long run, taxes and government expenses have
A) remained relatively stable. B) decreased. C) increased. D) drifted apart.
Stagflation is caused by
a. a negative supply shock. b. a positive supply shock. c. a negative demand shock. d. a positive demand shock. e. none of the above.