In the period from 1996 to 2000, the U.S. economy experienced the unusual combination of
A. high unemployment and high inflation.
B. high unemployment and low inflation.
C. low unemployment and high inflation.
D. low unemployment and low inflation.
Answer: D
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If marginal revenue is greater than marginal cost, a producer must reduce the level of output to maximize profit
a. True b. False Indicate whether the statement is true or false
Which is the most accurate statement?
A. Our trade problems with China are very similar to our trade problems with Japan. B. Our trade deficit with China in the 1990s grew much faster than our trade deficit with Japan. C. We import most of our oil from Japan and China. D. Japan is the dominant trading partner with the U.S.
The new classical theoretical critique of the existing macroeconomic models is based on
A. the link between the money market and the goods market. B. the nature of the tradeoff between inflation and growth. C. wages and labor market equilibrium. D. the way people form their expectations.
According to Nobel Prize winner Douglass North, the most important factor in limiting economic growth in developing countries today is ________
A) the relatively low level of saving B) the relatively high rate of inflation C) the inability to develop effective low-cost contract enforcement D) the inadequate state of the health care system