In the 1960s, U.S. economy experienced
a. a substantial decline in real GDP but limited inflation.
b. a substantial decline in real GDP coupled with significant inflation.
c. substantial real GDP growth coupled with significant inflation.
d. substantial real GDP growth with limited inflation.
d
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The devaluation of a currency develops once ________
A) an increase in the value of a country's currency develops B) a monetary authority runs out of international reserves C) the level of domestic income falls D) an increase in the domestic price level develops
Several years ago, Alcoa was effectively the sole seller of aluminum because the firm owned nearly all of the aluminum ore reserves in the world. This market was not perfectly competitive because this situation violated the:
A) price-taking assumption. B) homogeneous product assumption. C) free entry assumption. D) A and B are correct. E) A and C are correct.
Economist _____________ is the author of Globalization and Its Discontents.
Fill in the blank(s) with the appropriate word(s).
The price elasticity of demand is
A) always negative. B) sometimes positive. C) always positive. D) positive or negative, depending on supply.