The Great Depression and the New Deal transformed the U.S. into which type of economy?
(a) Laissez-faire
(b) Socialist
(c) Mixed
(d) Communist
(c)
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The circular flow diagram shows that the flow of payments to the factors used to produce goods and services exceeds the flow of payments for final goods and services
Indicate whether the statement is true or false
Does economic growth result from increases in aggregate demand, short-run aggregate supply, or long-run aggregate supply?
What will be an ideal response?
Which of the following types of clothing would most likely be considered an inferior good?
a. imported dresses from a Swedish designer b. secondhand designer clothing in a resale shop c. a suit custom tailored for an individual d. a tennis outfit bought from a high-end department store
Refer to the graphs shown.
If labor supply shifts from S1 to S2, the market wage rate will:
A. decrease from W1 to W0. B. increase from W0 to W1. C. increase from W1 to W2. D. decrease from W2 to W1.