Which statement is false?
A. The rate of inflation rose during the Eisenhower Administration.
B. The United States' economy has not had an unemployment rate below 5 percent since the early 1940s.
C. President Reagan believed the federal government should "tax, tax, tax, spend, spend, spend", its way to prosperity.
D. All of the statements are false.
D. All of the statements are false.
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The "tragedy of the commons" refers to a phenomenon where
A) people do not internalize an externality. B) people have distinct property rights to a resource. C) people overuse a common resource. D) individuals are not allowed to use a common resource.
Assume that when the price of good X is $7, quantity demanded is 25. When price is increased to $9, quantity demanded falls to 20. Based on this information, over the range in question demand is elastic
Indicate whether the statement is true or false
Unemployment
a. usually decreases whenever nominal GDP decreases. b. usually increases whenever real GDP decreases. c. usually decreases whenever nominal GDP increases. d. usually increases whenever the price level increases.
Cartels usually succumb to divisive forces caused by
a. limited information. b. members cheating by giving secret discounts. c. entry by new rivals seeking profits. d. insufficient profits compared to independent operations.