Andrea Schwatz has argued that the Great Depression was caused by
a. the fall in the stock of money.
b. the fall in consumer durable spending.
c. the fall in investment spending.
d. the increase in nominal wages.
a. the fall in the stock of money.
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Traditional classical economists believe that: a. wage rates are perfectly flexible. b. people do not have perfect information about the economy. c. prices are fixed for long periods of time. d. the price of resources, technology, and expectations cannot influence the equilibriumlevel of real GDP
e. changes in aggregate demand change only the real GDP.
When quantity supplied decreases at every possible price, we know that the supply curve has
a. shifted to the left. b. shifted to the right. c. not shifted; rather, we have moved along the supply curve to a new point on the same curve. d. not shifted; rather, the supply curve has become flatter.