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Macroeconomics Basics

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Questions and Answers

What event is known as Black Thursday in American history?

The emergence of new wheat-producing centres

The stock market crash on October 24, 1929 (correct)

The collapse of the classical economic approach

The failure of major financial institutions

What led to the drop in agricultural prices during the Great Depression?

Increase in employment levels

Failure of major financial institutions

Stocks of finished goods piling up

Overabundance of food grains in the market (correct)

Which country experienced a rise in unemployment from 3% to 25% during the Great Depression?

Ireland

Australia

United States (correct)

Canada

What is one key characteristic of a capitalist economy?

Private property Signup and view all the answers

Which economic structure is also known as a free-market economy?

Capitalist economy Signup and view all the answers

What is the role of the government in a capitalist economy?

Maintain law and order only Signup and view all the answers

What is the meaning of the term 'macro' in macroeconomics?

Large Signup and view all the answers

When did macroeconomics emerge as a branch of economics?

In 1936 Signup and view all the answers

What is an aggregate in economics?

A collection of economic subjects with common characteristics Signup and view all the answers

Which event is widely considered as the worst and longest economic downturn in modern history?

The Great Depression Signup and view all the answers

What types of entities are referred to as economic agents?

Individuals or institutions making economic decisions Signup and view all the answers

What event is said to have marked the beginning of the Great Depression?

The October 1929 stock market crash in the United States Signup and view all the answers