Over the last 20 years, Americans APC has
A. never been above 0.9.
B. sometimes been above 0.9.
C. usually been above 0.9.
D. always been above 0.9.
D. always been above 0.9.
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When the economy moves into and out of recessions and expansions, the unemployment rate fluctuates around the
A) natural unemployment rate. B) structural unemployment rate. C) cyclical unemployment. D) frictional unemployment rate.
If Year 1 is the base year, the CPI for Year 2 is approximately
A) 100.0. B) 126.3. C) 131.3. D) 181.0.
Describe the impact of the substitution effect and the income effect on an individual’s labor supply curve.
What will be an ideal response?
___ GDP is used to track the economy since it ___ correct for the impact of inflation (rising prices).
A. Nominal, does B. Nominal, does not C. Real, does D. Real, does not