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Answer:

unemployment and prices increased while output decreased

explaination:

During the Great Depression, the economy faced a severe downturn characterized by a significant decline in economic activity. This led to a sharp increase in unemployment as businesses closed or reduced their workforce due to decreased demand for goods and services. At the same time, output, which refers to the total production of goods and services, decreased as companies scaled back operations. Interestingly, prices also increased during this period, which can be attributed to a decrease in supply of goods coupled with some persistent demand. This phenomenon is often referred to as stagflation, where the economy experiences stagnation (low output and high unemployment) alongside inflation (rising prices).

Topic: Economics, Great Depression, Economic Indicators

Tags: economics great depression unemployment economic indicators stagflation

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During the Great Depression, which of the following statements is correct?

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