The depression of the 1930s was
(a) the first depression in the nation's history.
(b) not the first but the most serious depression in the nation's history.
(c) not the first depression in the nation's history and no more serious than some of the others.
(d) not as serious as the depressions of the 1840s and 1870s.
Question 2
According to the balance of payments schedule, as the level of income rises
a. import demand increases while export demand does not.
b. export demand increases while import demand decreases.
c. both import demand and export demand increase.
d. both import demand and export demand decrease.
