Express the Following Ratio in Its Lowest Terms $\frac{1}{8}: \frac{3}{4}$

question 96

Short Answer

Express the following ratio in its lowest terms:
$\frac{1}{8}: \frac{3}{4}$

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Definitions:

Real Output

The measure of goods and services produced by an economy, adjusted for inflation or deflation, showing true growth or contraction.

Price Level

The average of current prices across the entire spectrum of goods and services produced in the economy, an indicator of inflation or deflation.

Policy Credibility

Describes the degree to which economic agents trust and believe in the effectiveness of a government's economic policies, influencing the policies' success.

Time-inconsistency

A situation where a decision-maker's preferences change over time, leading to a plan or policy that is not followed through as initially intended.