One of the consequences of inflation between 1950 and the 1970s was ________
A) a large increase in the federal deficit as a percentage of GDP
B) a relaxation of the government budget constraint
C) an increase in the dependency ratio
D) a reduction in the ratio of debt to GDP
D
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Refer to Figure 7-3. With a quota in place, what is the quantity consumed in the domestic market and what portion of this is supplied by imports?
A) Domestic consumption equals 28 million pounds of which 18 million pounds are imports. B) Domestic consumption equals 34 million pounds of which 18 million pounds are imports. C) Domestic consumption equals 40 million pounds of which 22 million pounds are imports. D) Domestic consumption equals 34 million pounds of which 16 million pounds are imports.
An economy's potential level of output can be altered by changes in: a. the actual price level
b. the expected price level. c. aggregate demand. d. real GDP. e. its stock of capital.