Following the Lifting of Price Controls That Had Been Implemented

question 9

Multiple Choice

Following the lifting of price controls that had been implemented in the early 1970s, inflation skyrocketed.  Economists' explanations for this acceleration in the price level include

• A) the increase in the money supply that also occurred during the early 1970s.
• B) increases in the federal government deficit, especially in 1971 and 1972.
• C) supply-side shocks in oil and food.
• D) the release of inflationary pressures that built up during the period of price controls.
• E) All of the above.

Understand the ethical principles guiding helping professions.

Recognize the importance and implications of professional codes and laws in decision-making.

Identify and apply the Reasoned Decision-Making Model in various scenarios.

Differentiate between ethical principles, codes, regulations, and guidelines.

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Definitions:

GNP

Gross National Product is the total dollar value of all goods and services produced over a specific time period by the nationals of a country, regardless of where the production takes place.

GDP

Gross Domestic Product; the total value of all goods and services produced over a specific time period within a country.

Per Capita GDP

The average economic output per person, calculated by dividing the Gross Domestic Product (GDP) of a country by its total population.

GPI

Genuine Progress Indicator, an alternative measure to GDP that takes into account the environmental and social costs of economic activity.