All of the following statements about inflation in the United States are correct except
A. Since the Great Depression, average prices have risen almost every year.
B. The inflation rate was 13.5 percent in 1980.
C. Inflation was at its worst during the Great Depression.
D. Prior to World War II, the United States experienced periods of both deflation and inflation.
Answer: C
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Consider the two economies of Lithasia and Barylia. Economic agents in Lithasia have coordination and incentive problems, while in Barylia social surplus is maximized
Which economic system does each of these economies most likely have? Explain your answer.
When the Federal government uses taxation and spending actions to stimulate the economy it is conducting:
A. Fiscal policy B. Incomes policy C. Monetary policy D. Employment policy
Refer to Figure 7-2. The increase in domestic producer surplus as a result of the tariff is equal to
A) $11.25 million. B) $18 million. C) $32.5 million. D) $45 million.
Marginal utility is _____
a. always greater than total utility b. utility that is not as good as normal utility c. the extra utility derived from consuming one additional unit of a good or service d. always positive e. not related to total utility