Which of the following describe the United States' unemployment rate over the last 80 years?
i. The unemployment rate has decreased each year since the Great Depression.
ii. The unemployment rate has averaged about 5.7 percent since 1929.
iii. Job creation due to defense spending and consumer spending in the 1960s drove the unemployment rate to one of its lowest level.
A) i and ii only
B) ii and iii only
C) i, ii and iii
D) i only
E) i and iii
B
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Suppose a frost destroys much of the Florida orange crop. At the same time, suppose consumer tastes shift toward orange juice. What would we expect to happen to the equilibrium price and quantity in the market for orange juice?
a. Price will increase; quantity is ambiguous b. Price will increase; quantity will increase c. Price will increase; quantity will decrease d. Price will decrease; quantity is ambiguous e. The impact on both sides is ambiguous
Research supporting the new Keynesian model finds that prices are ________
A) slow to adjust to aggregate demand shocks B) changed very frequently C) changed only infrequently D) not as flexible as wages