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Which of the following was not true for the US economy during the period from the late 1990's to 2000: a
Which of the following was not true for the US economy during the period from the late 1990's to 2000:
a. Economic expansion set a record for longevity,
b. The unemployment rate was low,
c. Millions of new jobs were created,
d. Real GDP declined.
Expert Solution
The correct option is d. Real GDP declined.
Explanation:
During the late 1990s to 2000, US economy started growing at a faster pace as employment opportunities increase in the economy due to which there was a lesser unemployment rate. Increase in employment increased the overall output level as a result; economic expansion was experienced by the US economy. Economic expansion refers to faster economic growth, which was the result of an increase in the real GDP of the economy.
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