Two examples of governments that printed large quantities of paper currency to finance massive budget deficits, causing hyperinflation, are ________ and ________.
A. the United States during the Great Depression; Germany after World War I
B. the Confederacy during the American Civil War; Germany after World War I
C. the Confederacy during the American Civil War; Japan after World War II
D. the United States during the Great Depression; Japan after World War II
Answer: B
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An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.
A. decrease; increase B. increase; increase C. decrease; decrease D. increase; decrease
A shift of the demand curve for a good occurs whenever new technologies make inputs used in producing that good available at lower prices.
Answer the following statement true (T) or false (F)
If a good's price is volume sensitive, the consumer will:
A. choose the bundle on the budget line that lies on the lowest indifference curve. B. choose the bundle on the budget line where the budget line is "kinked." C. choose a boundary solution. D. choose the bundle on the budget line that lies on the highest indifference curve.
Bob's Barber Shop cut 3,000 heads of hair in 2014 and 3,100 in 2015. The price of a haircut was $7 in 2014 and $8 in 2015. If 2014 is the base year, what was Bob's contribution to nominal GDP in the year 2014?
A. $24,000 B. $21,700 C. $24,800 D. $21,000