In the period from 1996-2000 . the United States economy experienced the unusual combination of
a. high unemployment and high inflation.
b. high unemployment and low inflation.
c. low unemployment and high inflation.
d. low unemployment and low inflation.
d
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A fiduciary monetary system is
A) fully backed by gold. B) dependent on barter for exchanges of goods and services. C) dependent on the public's faith to accept the currency. D) one which cannot have any inflation.
The income effect of an increase in the price of peaches is
A) the change in the quantity of other fruit demanded that results from the impact of the price change on purchasing power, holding all other factors constant. B) the change in the quantity of peaches demanded that results from the effect of the change in price on consumer purchasing power, holding all other factors constant. C) the change in the demand for peaches as a result of the change in the price of peaches, holding all other factors constant. D) the change in the quantity of peaches demanded that results from the price increase, making peaches more expensive than other fruit, holding constant the effect of the price change on consumer purchasing power.