Looking at inflation rates in the United States since the 1970s we see that
A) inflation fell the most during the 1970s productivity slowdown.
B) the highest inflation rates were the double digits during the 1990s.
C) the inflation rate increased with the increased growth of the 1990s.
D) the 1970s experienced the highest inflation rates.
D
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A market economy allocates resources primarily in accordance with orders from government bureaucrats.
Answer the following statement true (T) or false (F)
For social surplus to be maximized, the ________ buyers are actually making a purchase and the ________ sellers are selling the products
A) lowest-value; highest-cost B) highest-value; lowest-cost C) highest-value; highest-cost D) lowest-value; lowest-value
If the aggregate supply curve shifts leftward, then _____
a. the price level increases and output increases b. the resulting increase in the price level is usually called cost-push inflation c. the resulting increase in the price level is usually called demand-pull inflation d. the price level increases as long as the aggregate demand curve shifts rightward e. the price level decreases and output increases
A firm selling a good which lacks any good substitutes is called a(n)
a. pure monopoly. b. price discriminator. c. exclusive monopoly. d. natural monopoly.