Over the last 100 years in the United States, unemployment reached its highest rate
A) in the 1920s. B) in the 1930s. C) in the 1980s. D) in the 1970s.
B
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The assumption that regulation relentlessly seeks out deadweight loss and seeks to eliminate it is called the
A) social interest theory of regulation. B) capture theory of regulation. C) Coase theory of regulation. D) socially optimal theory of regulation. E) predatory theory of regulation.
The marginal revenue product of a resource
a. is defined as the marginal product of the resource multiplied by the resource price. b. simply means that a firm should add to its capital stock as long as competition requires it. c. equals the extra output produced by an additional unit of the resource multiplied by the marginal revenue per unit of that output. d. equals the average product of the resource multiplied by the cost of hiring an additional (marginal) unit of the resource.