The cost of the Great Depression between 1929 and 1942 was a loss of:
A) more than the United States ultimately spent on World War II.
B) over $15 trillion in today's dollars.
C) the output that otherwise would have been produced by the 50 percent of the nation's workers who had lost their jobs.
D) both B and C are true.
Ans: A) more than the United States ultimately spent on World War II.
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The potential for recipients of a loan to engage in riskier behavior after receiving the financing is called
A) adverse selection. B) moral hazard. C) adverse hazard. D) moral selection.
Because consumers value product variety
A) society must be more efficient with monopolistic competition than with perfect competition. B) the inefficiency and deadweight loss created by monopolistic competition is offset. C) in the long run, monopolistically competitive firms earn an economic profit. D) monopolistically competitive industries are efficient.