Since 1970, the U.S. economy has experienced 2 periods of high inflation.
Answer the following statement true (T) or false (F)
True
You might also like to view...
Market specialization and the rise of the division of labor
A) create important conditions for economic growth. B) help explain why some nations are wealthier than others. C) do both of the above. D) do neither of the above.
A consumer's budget line will rotate outward along the horizontal axis if:
a. the price of the good on the horizontal axis decreases. b. the price of the good on the vertical axis increases. c. the price of the good on the horizontal axis increases. d. the consumer's income decreases.
The persistence of budget deficits during the last several decades is not surprising because politicians will find
a. budget surpluses more attractive than budget deficits. b. tax increases more attractive than increases in government expenditures. c. budget deficits more attractive than budget surpluses. d. reductions in government expenditures more attractive than tax reductions.
According to the income-expenditure approach, ________ reduce consumption and other elements of aggregate expenditures, resulting in a ________ in real GDP demanded. Thus the aggregate demand curve is ________
a. lower prices; decrease; upward-sloping b. higher prices; increase; downward-sloping c. higher prices; decrease; downward-sloping d. higher prices; increase; upward-sloping