Which of the Following Is True About the U

question 96

Multiple Choice

Which of the following is true about the U.S.economy during the 1970s?

• A) It experienced low levels of inflation.
• B) It experienced high employment levels.
• C) It met the goal for economic growth each year.
• D) It experienced two recessions.

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Definitions:

Capitalism

An economic system characterized by private or corporate ownership of capital goods, investments determined by private decision, and prices, production, and distribution of goods determined mainly by competition in a free market.

George Ritzer

An American sociologist known for his work on consumerism, globalization, and the concept of "McDonaldization," which describes the process by which principles of the fast-food industry dominate sectors of society.

Prosumer

A portmanteau of producer and consumer, indicating individuals who produce some of the goods and services entering their consumption.

Consumer

An individual who purchases goods and services for personal use from the available offerings in the market.