As of 2009, what was the last year that U.S. experienced deflation?
A) 1933
B) 1955
C) 1973
D) 1991
E) 2001
B
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The value of GDP calculated by the expenditure method: a. includes inflation, while the value of GDP calculated by the income method excludes inflation. b. excludes inflation, while the value of GDP calculated by the income method includes inflation. c. is always equal to the value of GDP calculated by the income method
d. is always greater than the value of GDP calculated by the income method.
Other things equal, a fall in the market price caused by a change in supply will
What will be an ideal response?
Economics deals with
A) how to profit from the stock market. B) how to satisfy limited human wants. C) how society allocates unlimited resources. D) how individuals allocate scarce resources to satisfy unlimited human wants.
For this question, assume that a country experiences a permanent reduction in its saving rate. Which of the following will occur as a result of this reduction in the saving rate?
A) a permanently slower growth rate of output B) no permanent effect on the level of output per capita C) a permanently lower level of output per worker D) both A and B E) both B and C