In the year after the stock market crash of 1929, stock prices on average ___
a. were lower than they had been in decades
b. were lower than in 1929 but higher than in the mid-1920s
c. rebounded to a level higher than in 1929
d. cannot be reliably calculated because no buyers could be found for many stocks, and hence no prices were reported
b. were lower than in 1929 but higher than in the mid-1920s.
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Unemployment insurance and the progressive income tax are two examples of automatic stabilizers
Indicate whether the statement is true or false
Using Figure 9.9, and assuming the full-employment output level is $50 billion,
A. There is a recessionary gap of $50 billion income. B. The economy is at macro equilibrium. C. There is an inflationary gap of $25 billion income. D. There is an inflationary gap of $50 billion income.