The economic cycles of boom and bust have been constant, but the U.S. government did not try to ...

The economic cycles of boom and bust have been constant, but the U.S. government did not try to prevent these cycles until what decade?

a. 1820s
b. 1860s
c. 1910s
d. 1930s

Question -2-

A period of prolonged high unemployment with a period of decline in the gross national product (GNP) is called __________.

a. a recession
b. a depression
c. inflation
d. stagflation

Question -3-

How does one realize an economic depression has taken place?

a. significant oil price hikes
b. an increase in GDP
c. prolonged high unemployment
d. government intrusion in the economy

Question -4-

Even in a full employment economy, __________ percent of the labor force will be out of work.

a. zero
b. 1 to 2
c. 3 to 5
d. over 6

Question -5-

Classical economists would agree that the market adjusts itself __________.

a. without government action
b. only with government action
c. if business is socialized
d. without looking at unemployment

Question -6-

Capitalism __________ promote(s) equality of opportunity.

a. never
b. may not
c. always
d. refuses to

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The economic cycles of boom and bust have been constant, but the U.S. government did not try to ...

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