All of the following statements about inflation in the United States are correct except
A. Since the Great Depression, average prices have risen almost every year.
B. The inflation rate was 13.5 percent in 1980.
C. Inflation was at its worst during the Great Depression.
D. Prior to World War II, the United States experienced periods of both deflation and inflation.
Answer: C
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The Bretton Woods system:
a. allowed for market-determined exchange rates. b. ended the use of the gold standard in all participating countries. c. led to a dramatic increase in the U.S. balance of payments deficit. d. resulted in the rapid increase of the U.S. gold supply in the 1960s. e. All of the above.
If the interest rate at which you can lend funds is r percent per year, then the present value of Y dollars to be received next year is
a. (1 + r)Y b. Y / r c. Y d. Y - r e. Y / (1 + r)