During the Great Depression
A) the unemployment rate was not unusually high, but wage levels were low.
B) unemployment statistics were not collected.
C) the U.S. unemployment rate reached its historical highest.
D) most people who couldn't find work left the labor force, so the official unemployment rate remained low.
C
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Suppose that when the price of hamburgers increases, the Ruiz family increases their purchases of hot dogs. To the Ruiz family
A) hamburgers and hot dogs are complements. B) hamburgers and hot dogs are inferior goods. C) hamburgers and hot dogs are normal goods. D) hamburgers and hot dogs are substitutes.
Using Figure 1 above, if the aggregate demand curve shifts from AD1 to AD2 the result in the long run would be:
A. P1 and Y2. B. P2 and Y2. C. P3 and Y1. D. P2 and Y3.