In 1991 the unemployment rate in the United States rose to 7.1 percent. This is ________ the unemployment rate reached in the depths of the Great Depression
A) about two percentage points more than
B) roughly equal to
C) about three percentage points less than
D) about half of
E) less than one-third of
E
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Open market operations are the
A) purchase or sale of government securities by the Fed. B) lending of reserves to the banking system by the Fed. C) borrowing of reserves by the Fed from the banking system. D) minimum percentage of loans that banks must retain as reserves in the open market. E) purchase or sale of gold by the Fed.
What is the difference between economic growth and economic development?
A. Economic growth examines qualitative changes in the processes by which potential output increases over time, whereas economic development examines how a country moves from one point on its production possibility curve to another point on the curve. B. Economic growth implies qualitative changes in productive processes whereas economic development requires quantitative change in virtually every aspect of life. C. Economic growth implies quantitative changes in productive processes whereas economic development requires widespread structural changes in the way people live. D. There is no difference between the two terms.