Which of the following statements best completes the following sentence; "Prior to World War I, when the U.S. was on the gold standard, inflation in the U.S…."?
A. averaged less than one percent per year and was stable.
B. averaged 3.5 percent per year and was stable.
C. averaged less than one percent per year and was highly variable.
D. averaged 3.5 percent per year but was highly variable.
Answer: C
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Suppose the working-age population of a fictional economy falls into the following categories: 90 are retired or homemakers; 60 have full-time employment; 20 have part-time employment; 20 do not have employment, but are actively looking for
employment; and 10 would like employment but do not have employment and are not actively looking for employment. The official unemployment rate as calculated by the U.S. Bureau of Labor would equal A) (20/80 ) × 100. B) (20/60 ) × 100. C) (30/80 ) × 100. D) (20/100 ) × 100.
Individuals who suffer from unemployment spells lasting more than six months are ________
A) chronically unemployed B) frictionally unemployed C) discouraged workers D) no longer counted as part of the labor force