In the United States,the Long-Run Average Growth Rate of Velocity

question 45

Multiple Choice

In the United States,the long-run average growth rate of velocity in recent decades has been

• A)about 2 percent per year.
• B)about 1 percent per year.
• C)virtually zero.
• D)about -1 percent per year.
• E)about -2 percent per year.

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Definitions:

Demand Curve

A visual depiction showing the connection between the cost of a product or service and how much of it is wanted over a specific time frame.

Positive Externality

A benefit that affects someone who did not choose to incur that benefit, typically associated with public goods or services, like education or vaccination.

Market Inefficiency

A situation where resources are not allocated optimally, leading to a waste of resources or an inability to reach market equilibrium.

Supply And Demand Diagram

A graphical representation of the relationship between the quantity of a good or service that suppliers are willing to offer and the quantity that consumers are willing to purchase at various prices.