Question

According to the labor statistics of the United States, the _____ reported the highest unemployment rate between 1960 and 2008.

Asians

Hispanics

African Americans

Whites

Latinos

A progressive tax system is one in which the tax rate actually increases as income rises.

True

False

A $1,000 price tag on a stereo system is an example of money as a unit of account.

True

False

Economic growth measured in terms of an increase in per capita real GDP is a good measure of _____.

the distribution of income in a nation

economic activity in a nation

the quality of life people experience in a nation

the quality of labor in a nation

the average citizen’s standard of living in a nation

Contrary to what believers in the Phillips curve would say, U.S. economic data from 1955 to 2000 show evidence of:

no short-run relationship between the unemployment rate and inflation.

a constant rate of unemployment, with changing rates of inflation.

increases in both unemployment and inflation rates.

a constant rate of inflation, with changing rates of unemployment.

a positive relationship between the unemployment rate and inflation.

Answer 1

1. African Americans

Explanation: The African Americans exhibited the maximum unemployment rate out of all the races in the USA in the given period.

2. True

Explanation: In a progressive tax system, a person faces a higher tax rate with an increase in income.

3. True

Explanation: As a unit of account, money provides a common measure of the value of different goods and services.

4. the average citizen's standard of living in a nation

Explanation: When per capita real GDP increases, there is more goods and services per person in the economy.