Since 1970, the highest inflation rate in the U.S. occurred in
A. 1975.
B. 1981.
C. 1983.
D. 1994.
Answer: A
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A subjective analysis of "what should be" in the economy is referred to as
A) positive economics. B) normative economics. C) command economics. D) implicit economics.
The public choice model can be used to examine voting models that contrast the manner in which collective decisions are made by governments (state, local, and federal) and the manner in which individual choices are made in markets
Which of the following descriptions is consistent with the difference between collective decision-making and decision-making in markets? A) Individuals are less likely to see their preferences represented in the outcomes of government policies than in the outcomes of markets. B) The cost of a government policy is determined by a majority vote of members of the public; decisions made in markets are based on individual willingness to pay. C) Choices made through government policies are more important than decisions individuals make through markets. D) Everyone who votes must agree with a decision made collectively through government, but in markets individuals can make their own choices.
Suppose you observed that at the same time employment increased, wages fell. Which of the following is a possible explanation for this observation?
a. An increase in labor demand b. A decrease in labor demand c. An increase in labor demand that was outpaced by an increase in labor supply d. A decrease in labor supply e. Cannot be determined from the available information
Government efforts to use taxes and government spending to help stabilize the economy are called ______.
a. regulatory laws b. exchange rates c. fiscal policies d. income guidelines