According to this Application, the recession in 1981 was caused by
A) the government cutting back on aggregate demand to reduce inflation.
B) increasing oil prices which resulted in a decrease in aggregate supply.
C) massive immigration from Europe to the United States.
D) an decrease in aggregate supply resulting from U.S. bank collapses.
A
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Hutch Technology makes computer monitors, which sell for $100 each. What is the opportunity cost of 10 monitors?
A. $1,000 B. The other goods that could be produced with the resources that produce the 10 monitors C. The profits that Hutch earns when 10 monitors are sold D. The lost profits that Hutch if the monitors are not produced E. All of the responses are correct.
The effect of an export tariff on a large country is to ________ the terms of trade
A) always improve B) sometimes improve C) leave unchanged D) sometimes worsen E) always worsen
For the period we are studying (1789–1860), the United States
(a) was a high tariff, protectionist nation. (b) derived the vast majority of federal revenues from the tariff. (c) was divided on the question of the tariff, with the South generally in opposition to it. (d) was characterized by all of the above.
Opportunity cost is the difference between the nominal and real cost of some action.
Answer the following statement true (T) or false (F)