What has been the average growth rate of U.S. real GDP per person over the past 100 years? In which periods was growth most rapid and in which periods was it slowest?
What will be an ideal response?
Over the past 100 years, U.S. real GDP per person grew at an average rate of 2 percent per year. Slow growth occurred during mid-1950s and 1973–1983 . Very slow growth (negative growth!) also occurred during the Great Depression. Growth was rapid during the 1920s and 1960s. Growth was also (extremely!) rapid during World War II.
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As firms search for the best employee to fill an opening and the unemployed search for the job that best fits their skills, the economy experiences
A) structural unemployment. B) frictional unemployment. C) cyclical unemployment. D) changes in the business cycle. E) avoidable unemployment.
Reserve requirements are changed
A) more frequently than the discount rate is changed, but less frequently than open market operations are conducted. B) more frequently than the discount rate is changed and more frequently than open market operations are conducted. C) more frequently than open market operations are conducted, but less frequently than the discount rate is changed. D) less frequently than open market operations are conducted and less frequently than the discount rate is changed.