All of the following statements are true of the American economy since 1995, EXCEPT
A. technological change was the most important factor contributing to economic growth.
B. Americans worked fewer hours per year in 1990 than they did in 2004.
C. productivity rose by more than 3 percent in at least four years since 1995.
D. the American savings rate was 0 percent in 2005.
B. Americans worked fewer hours per year in 1990 than they did in 2004.
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A firm's marginal cost is the increase in its total cost divided by the increase in its
A) quantity of labor. B) average cost. C) output. D) average revenue.
The resources that a taxpayer devotes to complying with the tax laws are a type of
a. marginal tax. b. administrative burden. c. deadweight loss. d. Both b and c are correct.
Iggie took a university teaching job as an assistant professor in 1980 at a salary of $15,000 . By 2011, she had been promoted to full professor, with a salary of $70,000 . If the price index was 82 in 1980 and 225 in 2011, then what is Iggie's 2011 salary in 1980 dollars?
a. $25,511 b. $52,073 c. $40,140 d. $41,159
At its regular meetings, the FOMC decides to sell or buy government bonds, an action referred to as ______.
a. reserve requirement alterations b. open market operations c. discount rate management d. interest rate changes