The Great Depression that started in 1929 was
A) confined only to the United States.
B) confined only to the United States and Britain.
C) confined only to the United States and Europe.
D) a global phenomenon.
E) confined only to the Americas.
Question 2
Use a figure to study the following question: Imagine that the economy is at a point on the DD-AA schedule that is above both AA and DD, where both the output and asset markets are out of equilibrium. Explain what will happen next.
What will be an ideal response?