The events of \(9 / 11 \mathrm{had}\) (LO2) a) the long-term effect of raising our rate of economic growth b) the long-term effect of lowering our rate of economic growth c) virtually no effect on our rate of economic growth

Short Answer

Expert verified
Based on historical data and an analysis of relevant factors, the events of 9/11 had virtually no effect on the long-term rate of economic growth (option c). In the short-term, there were negative impacts on financial markets and certain industries, but the economy quickly rebounded and continued to grow with ups and downs, influenced more by other factors such as global economic trends, financial crises, and government policies.

Step by step solution

01

Understanding the statements

In order to analyze the problem, let's first break down the given statements: a) The long-term effect of raising our rate of economic growth: This statement suggests that the events of 9/11 ultimately led to an increase in the economy's growth rate over a long period of time. b) The long-term effect of lowering our rate of economic growth: This statement suggests that the events of 9/11 ultimately led to a decrease in the economy's growth rate over a long period of time. c) Virtually no effect on our rate of economic growth: This statement suggests that the events of 9/11 had little to no impact on the economy's growth rate over a long period of time.
02

Research and analysis

To determine the accuracy of these statements, it's essential to analyze historical data and the various factors that could influence the rate of economic growth. In the case of 9/11, some of the significant influencing factors include global economic trends, government policies, and financial markets.
03

Evaluating the long-term effect

After examining the historical data and relevant factors, we can determine if any of the statements accurately reflect the long-term effect of 9/11 events on the rate of economic growth. a) Raising our rate of economic growth: While some industries (like defense and security) did experience growth in the aftermath of 9/11, the overall economy did not see a sustained increase in the growth rate due to these events. b) Lowering our rate of economic growth: In the short term, the events of 9/11 had a negative impact on the financial markets and certain industries (like aviation and tourism). However, the economy quickly rebounded and resumed its growth, indicating that the long-term effect did not result in a sustained decrease in the growth rate. c) Virtually no effect on our rate of economic growth: The economy did experience some short-term effects, as mentioned above, but overall, the long-term impact of 9/11 on the rate of economic growth appears to be minimal. The economy continued to grow with ups and downs, influenced more by other factors such as global economic trends, financial crises, and government policies. #Conclusion# Based on our analysis, the best answer to the question is option (c): the events of 9/11 had virtually no effect on the long-term rate of economic growth. The economy continued to experience fluctuations in growth rates influenced by various other factors beyond the events of 9/11.

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