The 'Golden Age of U.S. growth' occurred roughly between 1900-1929 1929-1939 1941-1945 1946-1970 Which of the following did not characterize the U.S. economy in the period following the Golden Age The manufacturing sector maintained its share of total national output Real median income growth was stagnant. Both income and wealth inequality increased dramatically. The U.S. trade surplus turned into a chronic deficit. The industrial revolution and the emergence of the capitalist economic system created an economic environment highly conducive to the rapid technological application of scientific discovery to the processes of production. was the first system to demonstrate the capacity for rapid economic growth was susceptible to violent oscillations between rapid growth and wrenching contractions. all of the above Is military spending good or bad for the economy? Yes No It depends Which of the following is not among the legitimate functions of government accepted by classical economists (following Adam Smith's views expressed in The Wealth of Nations)? national defense administration of justice regulation of the financial sector essential public works Which of the following is not among the policy recommendations of progressive economists for robust economic growth: full employment minimal military spending plenty of resources committed to education and science sound infrastructure a healthy population plenty of clean energy minimal government interference in free markets Over the business cycle, investment spending tracks closely with consumption profit corporate debt unemployment The multiplier effect measures how much a price increase for one good will affect the exchange rate. measures how much a price increase for one good will affect the overall rate of inflation. measures how much a new injection of spending will affect overall GDP. measures how much a new injection of spending will affect the overall rate of inflation