Of the following recessionary periods in the United States, in which was the inflation rate the lowest?
A. 1974-1975
B. 1980-1982
C. 1990-1991
D. 2008-2009
Answer: D
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In a closed economy, what is the relationship between saving and investment?
A) Saving is greater than investment. B) Investment may be greater or smaller than saving. C) Investment is greater than saving. D) Investment is equal to saving.
Which of the following states had the highest incidence of union membership as a percent of all wage and salary workers in 2012?
a. New York b. Arkansas c. North Carolina d. California
Suppose that the United States can make 15 cars or 20 bottles of wine with one year’s worth of labor. France can make 10 cars or 18 bottles of wine with one year’s worth of labor. From these numbers, we can conclude that
A. the United States has a comparative advantage in the production of cars. B. France has a comparative advantage in the production of wine. C. the United States has an absolute advantage in the production of cars. D. All of the above are correct.
The Wage and Price Controls of 1971 were an example of
A. free enterprise. B. a command-and-control approach. C. a mixed approach. D. market-based economics.