Each of the Following Took Place in the 1930s EXCEPT

question 200

Multiple Choice

Each of the following took place in the 1930s EXCEPT

• A)the collapse of the entire international financial structure.
• B)a drought that became known as the Dust Bowl wiped out millions of farmers.
• C)all of the nation's banks were closed in the first week of March 1933.
• D)the fulfillment of the promise: "two cars in every garage" and "a chicken in every pot".

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Definitions:

Allocative Efficiency

A state of the economy where resources are allocated in a way that maximizes the overall benefit to society.

Productive Efficiency

Occurs when a good or service is produced at the lowest possible cost, utilizing all resources efficiently.

Cartel

A formal agreement among firms (or countries) in an industry to set the price of a product and establish the outputs of the individual firms (or countries) or to divide the market for the product geographically.

Economic Efficiency

A situation in which resources are optimally allocated to serve each individual or entity in the best way while minimizing waste and inefficiency.