Question
QUESTION 1 Many economists warn that our current economic situation can lead to stagflation, which was last experienced by the US economy in the 1970's.
QUESTION 1
Many economists warn that our current economic situation can lead to stagflation, which was last experienced by the US economy in the 1970's. What is stagflation?
| A. | Low growth and high inflation | |
| B. | High growth and low inflation | |
| C. | Low growth and low inflation | |
| D. | High growth and high inflation |
QUESTION 2
Which period of US economic history had the most laissez-faire or unregulated economic system?
| A. | 19th century | |
| B. | Early 21st century | |
| C. | 20th century | |
| D. | Colonial period |
QUESTION 3
Which of the following government actions initially led the US economy away from its laissez-faire origins?
| A. | GI Bill of the 1940's | |
| B. | Deregulation of the late 1970's and early 1980's | |
| C. | New Deal of the 1930's | |
| D. | Great Society of the 1960's |
QUESTION 4
Which economic policy did the British use to manage the American economy during the colonial period?
| A. | Mercantilism | |
| B. | Planned socialism | |
| C. | Market socialism | |
| D. | Laissez-faire economics |
QUESTION 5
the US ranks high under most consumption measures but relatively low in which category of living standards?
| A. | Education | |
| B. | Entertainment | |
| C. | Services for elderly residents | |
| D. | Health and medical outcomes |
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The American Economy
Authors: Walter Greason, William Gorman
1st Edition
1524902675, 9781524902674
