Which of the following statements best completes the following sentence; "Prior to World War I, when the U.S. was on the gold standard, inflation in the U.S…."?
A. averaged less than one percent per year and was stable.
B. averaged 3.5 percent per year and was stable.
C. averaged less than one percent per year and was highly variable.
D. averaged 3.5 percent per year but was highly variable.
Answer: C
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Based on the cost data in the above table, the long-run average cost (LRAC) is lowest when output is
A) 20. B) 40. C) 80. D) Long-run average cost is constant at all levels of output.
The Bureau of Labor Statistics defines marginally attached workers as persons who currently are neither working nor looking for work but indicate that they want and are available for a job and have looked for work sometime in the recent past
a. True b. False Indicate whether the statement is true or false
Milk is considered a commodity because it is which of the following?
(A) The same product regardless of who sells it. (B) An agricultural product. (C) An inexpensive product. (D) A product that can be bought in many different ways.
Refer to the information for this hypothetical economy provided in Table 20.1 below to answer the question(s) that follow.Table 20.1 2014 2015 2016QuarterIIIIIIIVIIIIIIIVIIIIIIIVOutput9094981029691888487949087Refer to Table 20.1. Which of the following quarters can be associated with inflation?
A. the second quarter of the year 2016 B. the second quarter of the year 2014 C. the first quarter of the year 2016 D. all of the above