Which of the following statements best describes the US economy between 1921 and 1928?
a. Most of the major sectors were growing very rapidly
b. Hyperinflation led to large decreases in the standard of living
c. Real average wage growth was stagnant
d. Unemployment fluctuated dramatically
a. Most of the major sectors were growing very rapidly.
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Suppose two neighbors share a park. One neighbor, Al, leaves trash in the park. This bothers the other neighbor, Bert. According to Coase's Theorem, one way to alleviate the externality is that
A) Al is fined by the government. B) Al has the right to leave trash and Bert cannot do anything about it. C) Bert has the right to a clean park and Al cannot leave trash. D) Either Al or Bert owns the park.
Marginal factor cost is defined as the amount that an additional unit of the variable input adds to ____
a. marginal cost b. variable cost c. marginal rate of technical substitution d. total cost e. none of the above