The economic expansion that began in 1991
a. lasted approximately five years.
b. lasted approximately twelve years.
c. lasted approximately nine years.
d. was the longest expansion in U.S. history.
e. was the second longest expansion in U.S. history.
D
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An equilibrium in which each player chooses its best strategy given the strategies chosen by the other players is called a Nash equilibrium
Indicate whether the statement is true or false
If the income elasticity of food is 0.72, then food is
A) a necessity and a normal good. B) a normal good. C) a necessity. D) an inferior good.
Which of the following is a characteristic of oligopoly?
A) easy entry and exit B) many firms C) strategic dependence D) none of the above
If the nominal interest rate is 9 percent and the real interest rate is 3 percent, then the inflation rate is
a. -6 percent. b. 3 percent. c. 6 percent. d. 12 percent.