During the 20th century, the highest savings rates in the U.S. were observed during
A) the Great Depression.
B) World War II.
C) the late 1980s and 1990s.
D) none of the above.
B
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Austerity advocates argue that stimulus measures paid for with borrowed money:
A. are the best way to speed up an economic recovery. B. will lead to a reduction in the government budget deficit. C. will lead to substantial inflation and sharply higher interest rates. D. will generate substantial tax revenue for the government.
An observer of the economy notices that over the past 12 months the unemployment rate has fallen from 7.0 percent to 6.5 percent. During the same time, the rate of growth in real GDP has been positive. From this information we might conclude that
A) inflation is not occurring. B) an expansion is occurring in the economy. C) a recession is in progress. D) a trough in the business cycle will soon be reached.
In a perfectly competitive market, when the price is greater than the minimum average total cost for most firms, some will:
A. exit until the price drops to equal minimum ATC. B. enter until the price drops to equal minimum ATC. C. exit until the price increases to equal minimum ATC. D. enter until the price increases to equal minimum ATC.
Research by Harvard economists Barro and McCleary revealed that church attendance and economic growth have a(n) _______________ relationship. They also found that specific religious beliefs (in heaven, hell, and afterlife) and economic growth have a(n) ___________ relationship
A) inverse; inverse B) direct; direct C) inverse; direct D) direct; inverse