Fiscal and monetary policies adopted by the Carter administration in the first half of his term resulted in:
a. stable prices and low unemployment.
b. deflation.
c. a rapid rise in the inflation rate.
d. a balanced federal budget.
c. a rapid rise in the inflation rate.
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Compared to ideal economic efficiency, when the production of a good generates external costs, competitive markets will result in an output that is too:
a. large and a price that is too high. b. large and a price that is too low. c. small and a price that is too high. d. small and a price that is too low.
The role of the entrepreneur in society is to
A. regulate what products are considered safe to market. B. provide capital to the firm which the management combines with labor. C. control the land upon which all production takes place to get the most rent. D. bring the factors of production together and take the risks of producing.