The International View of the Great Depression blames the contraction in the U.S. economy on
(a) the failure of the U.S. markets to permit a fall in aggregate prices under the
gold standard or to devalue its exchange rate.
(b) exports' and imports' large proportion of total GDP in the U.S.
(c) Great Britain abandoning the gold standard.
(d) all of the above.
(a)
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The U.S. Department of Commerce has been developing so-called "green accounting" to: a. include the value of leisure in the gross domestic product (GDP) of the country. b. register the impact of pollution and natural resource depletion
c. value the output of new firms. d. illustrate the difference between nominal GDP and real GDP. e. measure the value of the output produced by inexperienced workers.
Opportunity cost is
A) the cost of producing all goods and services in the United States. B) the value of the next-best alternative that must be sacrificed to satisfy a want. C) the fixed cost of production. D) the value of the most useful alternative that must be sacrificed to obtain something or satisfy a want.