All of the following took place during the Great Depression EXCEPT
A) an increase in unemployment from about 3.4 percent to about 25 percent and a decrease in real GDP by about 30 percent between 1929 in 1933.
B) an increase in taxes because of the fear that budget deficits would undermine business confidence.
C) a fall in the money supply by more than 30 percent.
D) a rise in inflation during the early 1930s.
D
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When the price of oil rises unexpectedly, the equilibrium price level ________ and the unemployment rate ________ in the short run
A) rises; falls B) rises; rises C) falls; falls D) falls; rises
As new firms enter a monopolistically competitive industry, the demand
A. curve facing each firm begins to shift to the right but the marginal revenue curve remains constant. B. and marginal revenue curves facing each firm begin to shift to the right. C. and marginal revenue curves facing each firm begin to shift to the left. D. curve facing each firm shifts to the left, but the marginal revenue curve remains constant.