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Question 1. An accurate statement about the Great Depression would be that?

A. it was a recession that became a depression because of World War II.
B. it was set off because of a sharp and unexpected rise in interest rates.
C. it was the most severe economic downturn in the history of industrial capitalism.
D. its effects and duration would have been even worse if it weren't for a strong economy in Japan and Europe at the time.

Question 2. GNP minus the cost of depreciation of capital equipment is?

A. real GDP.
B. nominal GDP.
C. national income.
D. net national product.

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