Which of the Following Statements Concerning the History of U

question 319

Multiple Choice

Which of the following statements concerning the history of U.S. inflation is not correct?

• A)Prices rose at an average annual rate of about 4 percent over the last 70 years.
• B)There was about a 16-fold increase in the price level over the last 70 years.
• C)Inflation in the 1970s was below the average over the last 70 years.
• D)The United States has experienced periods of deflation.

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Definitions:

Corporations

Legal entities that are separate from their owners, with the ability to own assets, incur liabilities, and engage in contracts or legal actions.

Protestantism

A branch of Christianity that originated with the Reformation, a movement against what its followers perceived as errors in the Roman Catholic Church.

Capitalism

An economic system characterized by private ownership of the means of production, the operation for profit, and market competition.

Protestant Work Ethic

A concept emphasizing hard work, discipline, and frugality as a result of one's faith, historically linked to Protestantism and seen as a factor in the economic success of individuals and societies.