The Output of Goods and Services Produced in the United

question 111

True/False

The output of goods and services produced in the United States has grown on average 3 percent per year since 1965.

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Definitions:

Quantity Theorists

Economists who believe that the quantity of money available in an economy significantly affects its price levels and inflation rates.

Inflation

The rate at which the general level of prices for goods and services is rising, leading to a decrease in the purchasing power of money.

Milton Friedman

An American economist and Nobel laureate who was a leading proponent of monetarism and free-market capitalism.

Serious Inflation

An extreme form of inflation characterized by rapid and uncontrollable rises in prices across the economy.