Shortly after World War II (1941–45) and the price controls ended,
(a) unemployment levels returned to those levels experienced during the
Great Depression.
(b) unemployment levels returned to their full employment levels.
(c) unemployment dipped sharply and inflation surged.
(d) unemployment rates increased and deflation emerged.
(b)
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In analyzing human decision and action, economists assume that
A. there are no scarce resources in the economy. B. people's behavior reflects rational self-interest. C. scarcity is more important than choice. D. costs are more important than benefits.
All of the following are real quantities except the:
A. millions of computer chips shipped to computer makers. B. tons of steel shipped to South America. C. number of new cars produced in one year. D. billions of dollars invested in stocks.
The slope of a nonlinear curve
A) changes along the curve. B) is constant. C) is negative. D) is zero.
The ease with which an asset can be converted into a medium of exchange is known as:
a. volatility. b. liquidity. c. currency. d. Gresham's Law. e. speculative exchange.