The federal government debt as a percentage of GDP did not rise
A) during the Great Depression.
B) during World War II.
C) during the 1960s.
D) during the 1980s.
Answer: C
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An increase in the level of prices of goods and services will do what to the long-run aggregate supply curve?
A) not shift the curve at all B) depends upon the long-run aggregate demand curve C) shift it to the right D) shift it to the left
The United Auto Workers bargained for higher wages and more benefits for autoworkers. As a result of the higher wages and increased benefits,
i. the quantity of new automobiles supplied decreases. ii. the supply of new automobiles decreases. iii. the supply of new automobiles increases. A) only i B) only ii C) only iii D) both i and ii E) Neither i, ii, nor iii is correct.
Keisha can produce the following combinations of X and Y: 100X and 20Y, 50X and 30Y, or 0X and 40Y. The opportunity cost of one unit of Y for Keisha is
A) 5 units of X. B) 0.2 units of X. C) 3 units of X. D) 1/2 unit of X. E) none of the above
Stagflation refers to a situation in which the economy is experiencing:
A. high economic growth and high inflation. B. low economic growth and high inflation. C. high economic growth and low inflation. D. low economic growth and low inflation.