10 - The Great Depression: ( )A) was a severe and prolonged...

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The Great Depression: ( ) A) was a severe and prolonged reduction in output and employment for the United States during the 1930s. (X) B) was a canal built in Panama that reduced the economic cost of shipping products from one coast of the United States to the other. ( ) C) is a type of migraine headache one gets from studying too much economics. ( ) D) was a severe and prolonged reduction in output and employment for the United States during the 1980s just prior to the long economic expansion of the 1990s. Feedback: The Great Depression was the worst economic catastrophe in U.S. history. For the United States it is typically the case: (X) A) that the peak following a trough is higher than the trough but lower than the preceding peak. ( ) B) that the peak following a trough is both higher than the trough and higher than the preceding peak. ( ) C) that the peak following a trough is lower than the trough but higher than the previous peak. ( ) D) that, on average, the trough following a peak is lower than the preceding trough. Feedback: As the peak repeats itself, it normally rises throughout time. When economists talk about real output they mean: ( ) A) output that is essential to human existence as opposed to trivial output.
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( ) B) physical output multiplied by changes in the price level to obtain real values. ( ) C) nominal output adjusted for changes in the price level to obtain real values. (X) D) output that addresses the material needs of humans versus their spiritual needs. Feedback: Real output is adjusted for inflation or in constant dollars. The scope of the Great Depression: ( ) A) was limited to the large or great nations, thereby earning it the title "great." (X) B) extended to most of the nations of the world. ( ) C) was limited primarily to the services sector where it had a great effect. ( ) D) was limited primarily to the agricultural sector where it had its greatest effect. Feedback: The Great Depression affected most countries throughout the world. The labor force consists of: ( ) A) the entire adult population. ( )
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10 - The Great Depression: ( )A) was a severe and prolonged...

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