Asked by Anthony Ornelas on Jun 01, 2024
Verified
Economists mostly agree that the Great Depression was principally caused by factors that shifted short-run aggregate supply left.
Great Depression
A severe worldwide economic depression that took place mostly during the 1930s, beginning in the United States and affecting many countries.
Short-Run Aggregate Supply
The total supply of goods and services that firms in an economy are willing and able to produce over a short period, generally at existing price levels.
- Comprehend the historical setting and influence of noteworthy economic phenomena, notably the Great Depression and the 2008-2009 economic downturn.
Verified Answer
ZK
Zybrea KnightJun 04, 2024
Final Answer :
False
Explanation :
Economists mostly agree that the Great Depression was caused by a combination of factors, including monetary contraction, banking crises, and declines in consumer and investor confidence, which affected both aggregate demand and aggregate supply, rather than being primarily due to shifts in short-run aggregate supply.
Learning Objectives
- Comprehend the historical setting and influence of noteworthy economic phenomena, notably the Great Depression and the 2008-2009 economic downturn.
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