During the U.S. recession of 1980-1982, the unemployment rate reached a high of ________ percent.
A. 7.6
B. 8.8
C. 10.7
D. 22.4
Answer: C
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The imposition of price ceilings on a market often results in
A. an increase in investment in the industry. B. a persistent surplus in the market. C. the diversion of income toward black-market suppliers. D. lower prices being offered on the black market.
Hired housekeepers, nannies, and cooks, working in households as either employees or self-employed persons, earn incomes for productive services that are not counted in GDP
Indicate whether the statement is true or false
Americans viewed the 12 percent mortgage interest rates of the 1980s as exorbitantly high while they considered the 7 percent mortgage interest rates of the late 1990s as reasonable. This represents a confusion of
a. actual and expected inflation. b. real versus nominal inflation. c. real versus expected mortgage payments. d. real versus nominal interest rates.
Professor Cowen suggests that gift-giving can create value for each of the following reasons EXCEPT:
A. gift-giving can lower search costs. B. some gifts are given for paternalistic reasons. C. gifts can signal our values or intentions. D. the cost of the gift for the recipient is zero.