Which of the following best describes the history of the U.S. price level from 1970 to 2008?
a. The price level increased during the 1970s and 1980s, but decreased during the 1990s.
b. The price level increased during the 1970s but decreased during the 1980s and 1990s.
c. The price level decreased over the whole period.
d. The price level increased over the whole period.
e. The price level increased during the 1970s but decreased during the 1980s, and 1990s.
D
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Because Product X has a very small, positive income elasticity of demand, it is likely that product X is a
A) luxury. B) necessity. C) product with many good substitutes. D) product with many good complements.
Suppose an American worker can make 20 pairs of shoes or grow 100 apples per day. On the other hand, a Canadian workercan produce 10 pairs of shoes or grow 20 apples per day. Which of the following statements is true? The United States has an absolute advantage:
A. and a comparative advantage in the production of shoes. B. and a comparative advantage in the production of apples. C. in the production of both goods and a comparative advantage in the production of neither good. D. in the production of both goods and a comparative advantage in the production of both goods.
The formation of cartels is primarily a concern in the __________ market structure(s)
a. perfectly competitive b. monopolistically competitive c. oligopoly d. monopoly e. perfectly competitive and monopolistically competitive
If a tax is proportional, the average tax rate
A. remains the same as income rises. B. rises as income rises. C. falls as income rises. D. falls as income falls.