The Great Recession, the Great Depression, and Great Macroeconomic Debates

University of California, Davis - ECN 1b Chapter 14

Chapter 14

The Great Recession, the Great Depression, and Great Macroeconomic Debates

Concept Map

      I.  The Great Recession

          A.  Depth and Duration

          B.  Completion Call-for and Completion Provide Analysis

     II.  The Great Depression

          A.  Depth and Duration

          B.  Completion Call-for and Completion Provide Analysis

    III.  Classical Economics

    IV.  Keynesian Economics

MULTIPLE-CHOICE QUESTIONS

    1.  One unifomity between the Great Recession and the Great Depression is that, in twain episodes:

         a.  ample collection of banks failed.

         b.  there were indicative problems in financial traffics.

         c.  the U.S. council intensified taxes.

         d.  the U.S. council recognized the currency provide to subside.

         e.  the unbusiness admonish exceeded 20%.

ANS:            

    2.  Which of the aftercitedcited best summarizes the ocean creators of the Great Recession?

         a.  Oil-producing countries deliberately intensified the appraisement of petroleum, adventitious to inflation and a penetrating recession.

         b.  The Federal Reserve intensified defective-term curiosity-behalf admonishs very lofty in an exertion to subside inflation, which besides bevy the arrangement into a recession.

         c.  The end of overseas war exertions led to a penetrating subside in federal spending, which stunted business and creatord a recession.

         d.  The accumulation traffic contracted aftercitedcited the end of a fancy in technology accumulation appraisements, which creatord a subside in investment spending and a recession.

         e.  The evanescence of housing appraisements led to subsided mammon and indicative problems in financial traffics, as well-behaved-behaved as a subside in expected pay and a accumulation traffic evanescence.

ANS:            

    3.  The Great Recession began in:

         a.  December 2009.

         b.  June 2009.

         c.  August 1929.

         d.  December 2007.

         e.  January 1930.

ANS:            

    4.  During the Great Recession, the unbusiness admonish climbed as lofty as _________ and stoped about 8% _________ months aftercited the recession began.

         a.  15%; 75

         b.  25%; 8

         c.  10%; 60

         d.  20%; 12

         e.  35%; 80

ANS:            

    5.  The Great Recession ended in:

         a.  June 2009.

         b.  January 2009.

         c.  March 1933.

         d.  June 1938.

         e.  June 2012.

ANS:            

    6.  The Great Recession lasted for:

         a.  12 months.

         b.  18 months.

         c.  32 months.

         d.  44 months.

         e.  56 months.

ANS:            

    7.  The Great Recession lasted from _________ to _________.

         a.  August 1929; March 1933

         b.  May 1937; June 1938

         c.  March 2001; November 2001

         d.  December 2007; June 2009

         e.  July 1991; June 1992

ANS:            

    8.  The Great Recession began in __________ and lasted for __________.

         a.  June 2011; 12 months

         b.  August 1929; 44 months

         c.  December 2007; 18 months

         d.  May 1937; 14 months

         e.  March 2001; 8 months

ANS:            

    9.  The Great Recession was harmonious to other recessions gone World War II in that:

         a.  there was greatly lofty inflation.

         b.  legitimate bloated private emanation (GDP) initially corrupt and then restoreed someoccasion succeeding.

         c.  legitimate GDP growthd expeditiously and then planeed off.

         d.  the admonish of unbusiness was illegitimate.

         e.  the employment arrears cut to nothing.

ANS:            

  10.  The Great Recession was harmonious to other recessions gone World War II in that:

         a.  the admonish of unbusiness growthd and then subsided at a succeeding occasion.

         b.  the admonish of inflation was greatly lofty.

         c.  legitimate bloated private emanation (GDP) expeditiously growthd and then planeed off.

         d.  the admonish of economic development was illegitimate.

         e.  the admonish of unbusiness subsided and then growthd at a succeeding occasion.

ANS:            

  11.  The Great Recession was harmonious to most other recessions gone World War II in that:

         a.  the arrangement expeditiously bounced end and resumed regular development instantly.

         b.  the arrangement never legitimately corrupt abundantly at all.

         c.  the arrangement did not reappear to regular for at last one year.

         d.  the arrangement growthd expeditiously aftercitedcited the rise of the recession.

         e.  the arrangement essentially contracted and never restoreed.

ANS:            

  12.  The Great Recession was opposed from other recessions gone World War II in that:

         a.  legitimate bloated private emanation (GDP) initially corrupt and then restoreed someoccasion succeeding.

         b.  the employment arrears was amplely illegal.

         c.  the admonish of unbusiness growthd and then subsided at a succeeding occasion.

         d.  the dismiss in legitimate GDP was abundantly ampler and lasted coveter.

         e.  the arrangement did not reappear to regular for at last one year.

ANS:            

  13.  The Great Recession was opposed from other recessions gone World War II in that:

         a.  the admonish of unbusiness growthd and then subsided at a succeeding occasion.

         b.  the growth in unbusiness was abundantly superior and lasted coveter.

         c.  legitimate bloated private emanation (GDP) initially corrupt and then restoreed someoccasion succeeding.

         d.  the arrangement did not reappear to regular for at last one year.

         e.  the admonish of inflation did not substitute at all.

ANS:            

  14.  The Great Recession was opposed from other recessions gone World War II in that:

         a.  the arrangement did not reappear to regular for at last one year.

         b.  most consumers were illegal by the recession.

         c.  the overall arrangement took far coveter to restore than the middle.

         d.  the admonish of unbusiness growthd and then subsided at a succeeding occasion.

         e.  legitimate bloated private emanation (GDP) initially corrupt and then restoreed someoccasion succeeding.

ANS:            

  15.  The Great Recession lasted coveter and was penetratinger than the middle recession, in distribute, consequently:

         a.  oil-producing countries meretriciousally growthd oil appraisements, causing very lofty inflation.

         b.  there was a meretricious cut in soldierlike spending in the years adventitious up to the recession.

         c.  the Federal Reserve refused to growth the currency provide to aggravate completion call-for.

         d.  the council intensified tax admonishs in an exertion to counterpoise the federal budget.

         e.  there was a greater financial emergency aftercitedcited the evanescence of housing appraisements.

ANS:            

  16.  During the Great Recession, a greater financial emergency followed the evanescence of housing appraisements, which led to:

         a.  a subside in the currency provide by the Federal Reserve.

         b.  the dismiss in the soundness of frequent ample financial firms and banks.

         c.  skyrocketing oil appraisements.

         d.  an growth in pay tax admonishs to recoil the federal budget arrears.

         e.  an growth in expected pay.

ANS:            

  17.  During the Great Recession, there was a financial emergency, a accumulation traffic clang, and a evanescence in housing appraisements, all of which:

         a.  contributed to a very covet and penetrating recession.

         b.  helped the U.S. arrangement enact ameliorate than the economies of other countries.

         c.  kept unbusiness from exaltation aloft the unvarnished middle.

         d.  issueed in a very defective and genial recession.

         e.  prevented the United States from experiencing a dismiss in legitimate bloated private emanation (GDP).

ANS:            

Use the aftercitedcited graph to exculpation the instant seven questions. The graph depicts an arrangement where completion call-for and covet-run completion provide (LRAS) entertain subsided, after a while no substitute in defective-run completion provide (SRAS).

  18.  As a issue of completion call-for and covet-run completion provide decreasing, we can see that the appraisement plane _________ and legitimate bloated private emanation (GDP) _________.

         a.  stoped illegitimate; subsided

         b.  growthd; subsided

         c.  subsided; stoped illegitimate

         d.  stoped illegitimate; growthd

         e.  growthd; growthd

ANS:            

  19.  The graph precisely summarizes what happened during the Great Recession, consequently during that occasion, the appraisement plane _________ and legitimate bloated private emanation (GDP) _________.

         a.  subsided; subsided

         b.  growthd; growthd

         c.  stoped amplely illegitimate; subsided

         d.  subsided; stoped illegitimate

         e.  stoped illegitimate; growthd

ANS:            

  20.  Which of the aftercitedcited would entertain creatord completion call-for to subside in the graph, such as occurred during the Great Recession?

         a.  an growth in expected pay

         b.  a subside in tax admonishs

         c.  a subside in housing appraisements and accumulation appraisements

         d.  an growth in consumer sentiment

         e.  an grade in technology

ANS:            

  21.  During the Great Recession, legitimate bloated private emanation (GDP) subsided yet the completion appraisement plane stoped amplely illegitimate, as depicted in the graph. Unbusiness growthd to aloft-regular planes. Which of aftercitedcited best explains why this happened?

         a.  A indicative dismiss in soldierlike spending aftercitedcited the end of a war led to a recession.

         b.  A severe recession followed the United States surrendering the gold type.

         c.  A dismiss in housing appraisements and accumulation appraisements, plus a financial emergency, creatord a recession.

         d.  A unanticipated growth in oil appraisements creatord inflation and a penetrating recession.

         e.  A accumulation traffic clang, ample collection of bank failures, an growth in tax admonishs, and a firm currency provide creatord a recession.

ANS:            

  22.  During the Great Recession, legitimate bloated private emanation (GDP) cut yet the appraisement plane was amplely illegitimate, as depicted in the graph. Consequently of this, we comprehend that:

         a.  twain completion call-for and covet-run completion provide growthd during the recession.

         b.  completion call-for and covet-run completion provide twain subsided during the recession.

         c.  completion call-for subsided and covet-run completion provide growthd during the recession.

         d.  completion call-for subsided and defective-run completion provide growthd during the recession.

         e.  covet-run completion provide growthd and defective-run completion provide subsided during the recession.

ANS:            

  23.  The dismiss in housing appraisements contributed to the Great Recession, as depicted in the graph, in that:

         a.  it creatord legitimate bloated private emanation (GDP) and the appraisement plane to growth.

         b.  it creatord an growth in oil and gas appraisements, which led to inflation.

         c.  it creatord a subside in common mammon and created a emergency in the loanable funds traffic.

         d.  it creatord an growth in common mammon and a emergency in the loanable funds traffic.

         e.  it prevented unbusiness from exaltation aloft unvarnished middles.

ANS:            

  24.  In the graph, we see that covet-run completion provide subsided during the Great Recession. This was due to a dismiss in housing appraisements and the following financial emergency. Why did these factors creator covet-run completion provide to subside?

         a.  They creatord common mammon and expected pay to dismiss.

         b.  They creatord beaming substitutes in the traffic for loanable funds.

         c.  They creatord oil and gas appraisements to growth, causing inflation.

         d.  They creatord unbusiness to reocean at regular planes.

         e.  They creatord deflation and an growth in the rate of the dollar.

ANS:            

  25.  During the Great Recession, the U.S. ________ incurvation shifted to the ________.

         a.  completion call-for; right

         b.  defective-run completion provide; right

         c.  covet-run completion provide; right

         d.  completion call-for; left

         e.  emanationion possibilities; right

ANS:            

  26.  During the Great Recession, the U.S. ________ incurvation shifted to the ________.

         a.  completion call-for; right

         b.  defective-run completion provide; right

         c.  covet-run completion provide; left

         d.  covet-run completion provide; right

         e.  emanationion possibilities; right

ANS:            

  27.  During the Great Recession, the U.S. completion call-for incurvation shifted to the left, in distribute, consequently:

         a.  unbusiness in the United States subsided.

         b.  there was excessively lofty inflation during this occasion.

         c.  there was a accumulation traffic peal.

         d.  U.S. housing appraisements cut.

         e.  the council meretriciousally growthd taxes.

ANS:            

  28.  During the Great Recession, the U.S. completion call-for incurvation shifted to the left, in distribute, consequently:

         a.  there was an growth in expected pay.

         b.  the council meretriciousally growthd taxes.

         c.  there was a subside in expected pay.

         d.  the Federal Reserve growthd curiosity-behalf admonishs.

         e.  U.S. housing appraisements growthd.

ANS:            

  29.  During the Great Recession, the U.S. covet-run completion provide incurvation shifted to the left, in distribute, consequently:

         a.  the council meretriciousally growthd taxes.

         b.  there was an institutional breakdown in financial traffics.

         c.  there was a dismiss in the plane of technology.

         d.  there was a dismiss in the U.S. population.

         e.  there was a subside in expected pay.

ANS:            

  30.  During the Great Recession, the U.S. completion call-for incurvation shifted to the left, in distribute, consequently:

         a.  the accumulation traffic corrupt in rate by one-third.

         b.  there was a dismiss in the U.S. population.

         c.  there was an growth in expected pay.

         d.  the U.S. council restricted employment after a while other countries.

         e.  there was an growth in housing appraisements.

ANS:            

  31.  When U.S. completion call-for and covet-run completion provide subsided during the Great Recession:

         a.  unbusiness subsided.

         b.  legitimate bloated private emanation (GDP) besides subsided.

         c.  legitimate GDP growthd.

         d.  legitimate GDP was illegal.

         e.  the appraisement plane subsided.

ANS:            

  32.  During the Great Recession, completion call-for ________ and covet-run completion provide ________.

         a.  growthd; growthd

         b.  subsided; subsided

         c.  subsided; stoped illegitimate

         d.  stoped illegitimate; subsided

         e.  growthd; subsided

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