The figure above shows that in 1996, unemployment was equal to about ________ and the inflation rate was equal to about ________
A) 7.0 percent; 3.0 percent
B) 3.0 percent; 5.5 percent
C) 5.5 percent; 3.0 percent
D) 6.0 percent; 4.0 percent
C
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An inflation forecast developed in a Keynesian framework is likely to focus on
A) Federal Reserve policy. B) international gold movements. C) household and business spending decisions. D) the velocity of money.
If the government imposes a price floor at $10 (i.e. the price must be $10 or higher) in the above market, how many goods will be traded?
a. Four b. Five c. Six d. Seven
Suppose the baseball card industry is monopolistic. We know then that for the monopolist,
a. price elasticity of demand everywhere along its demand curve is infinite b. price elasticity of demand everywhere along the demand curve is zero c. as price increases, marginal revenue decreases d. as price decreases, marginal revenue decreases e. price equals marginal revenue everywhere along its demand curve
A monopoly:
A. can increase price and increase output at the same time. B. can charge any price it wants and still sell all of its output. C. can sell any output it produces provided it accepts the market price. D. must lower price in order to increase output.