If aggregate demand in the United States had grown more slowly than it actually did in 2010, the
A. unemployment rate would have been even lower.
B. inflation rate would have been even lower.
C. unemployment rate would have been the same.
D. economy would have grown faster.
Answer: B
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A reason why there is more competition among restaurants than among large discount department stores is that restaurants
A) have more elastic demand for their product compared to department stores. B) unlike department stores, do not have significant economies of scale. C) unlike department stores, have to abide by government sanitation rules. D) have to cater to a variety of consumer tastes while department stores do not.
According to the theory of cost, specialization in the use of variable resources in the short-run results initially in:
a. decreasing returns and declining average and marginal costs b. increasing returns and declining average and marginal costs c. increasing returns and increasing average and marginal costs d. decreasing returns and increasing average and marginal costs e. none of the above