The Iranian Revolution in 1979 led to another interruption of oil supplies to the United States. This caused the reoccurrence of
A. deflation.
B. full employment.
C. trade surpluses.
D. stagflation.
Answer: D
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What will be an ideal response?
If the money wage rate rises relative to the price level, firms ________ the quantity of labor they demand and workers ________ the quantity of labor they supply
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease
An increase in the price level will
A) move the economy down along a stationary aggregate demand curve. B) move the economy up along a stationary aggregate demand curve. C) shift the aggregate demand curve to the left. D) shift the aggregate demand curve to the right.
If the economy is in long-run equilibrium, the actual unemployment rate is less than the natural unemployment rate
Indicate whether the statement is true or false