Unemployment in 1939, after a decade of recession and depression, still exceeded 10 percent

In practice, money supply and short-term interest rates are determined by the

a. Treasury and Commerce departments. b. Federal Open Market Committee. c. Board of Governors. d. House and Senate.

If entry-restricting legal barriers effectively organized the funeral home industry of a large city into a monopoly cartel, economic theory indicates that, compared to the previously competitive situation,

a. the price of funeral services would decline, and output would increase. b. both the price and output of funeral services would decline. c. the price of funeral services would increase, and output would decline. d. both the price and output of funeral services would increase.