During the Great Depression:
A) By 1933, 25 percent of the nation's workers had lost their jobs.
B) output reached its lowest level in 1929.
C) the production possibilities curve shifted sharply inward, which explains the drop in output, jobs, and overall prosperity.
D) firms increased output but used fewer workers.
Ans: A) By 1933, 25 percent of the nation's workers had lost their jobs.
You might also like to view...
For a time, either R. J. Reynolds or Phillip Morris raised prices of cigarettes twice a year by about 50 cents per carton. The other firms in the industry raised their prices by the same amount. Economists call this: a price war. a. predatory pricing
b. a price war. c. price leadership. d. producer sovereignty.
Based on the table showing income inequality in the United States, from 1950 to 1980, the distribution of income in the United States ______.
a. changed erratically
b. remained more or less stable
c. dramatically shifted to favor lower earners
d. dramatically shifted to favor higher earners