The long boom occurred in the
A) 1920s and 1930s.
B) 1940s and 1950s.
C) 1960s and 1970s.
D) 1980s and 1990s.
D
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If the economy is producing a level of output $45 billion above full-employment real GDP, the most viable option to shift the output to full-employment GDP would be a
A. tax cut of $45 billion. B. tax increase of some amount less than $45 billion. C. tax increase of some amount greater than $45 billion. D. tax increase of $45 billion.
From 1980 to 2000 the labor force participation rate generally ________ and from 2000 to 2014 the rate generally ________
A) increased; decreased B) decreased; decreased C) increased; increased D) decreased; increased
What is the economic problem?
What will be an ideal response?
Supply is very elastic when
A. The quantity demanded causes the quantity supplied to increase. B. The quantity supplied does not change much when price rises. C. The quantity supply does not respond to an increase in price. D. The quantity supplied has a large increase in response to an increase in price.