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 Require and Completion Contribute Analysis

     II.  The Great Depression

          A.  Depth and Duration

          B.  Completion Require and Completion Contribute Analysis

    III.  Classical Economics

    IV.  Keynesian Economics

MULTIPLE-CHOICE QUESTIONS

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

         a.  liberal bulk of banks failed.

         b.  there were momentous problems in financial bargains.

         c.  the U.S. empire rich taxes.

         d.  the U.S. empire allowed the capital contribute to lower.

         e.  the unpossession blame exceeded 20%.

ANS:            

    2.  Which of the subjoined best summarizes the main objects of the Great Recession?

         a.  Oil-producing countries deliberately rich the charge of petroleum, quantitative to inflation and a submerged recession.

         b.  The Federal Reserve rich weak-term concern blames very tall in an trial to lower inflation, which so throng the husbanding into a recession.

         c.  The end of overseas war trials led to a submerged lower in federal spending, which feeble possession and objectd a recession.

         d.  The fund bargain contracted subjoined the end of a conceit in technology fund charges, which objectd a lower in bombardment spending and a recession.

         e.  The abandonment of housing charges led to lowerd opulence and momentous problems in financial bargains, as well-mannered-mannered as a lower in expected proceeds and a fund bargain abandonment.

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 unpossession blame climbed as tall as _________ and surviveed about 8% _________ months behind 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 correspondent to other recessions past World War II in that:

         a.  there was very-plenteous tall inflation.

         b.  developed coarse private issue (GDP) initially rotten and then saveed somespell succeeding.

         c.  developed GDP extensiond speedily and then equalizeed off.

         d.  the blame of unpossession was illegal.

         e.  the commerce failure waste to naught.

ANS:            

  10.  The Great Recession was correspondent to other recessions past World War II in that:

         a.  the blame of unpossession extensiond and then lowerd at a succeeding spell.

         b.  the blame of inflation was very-plenteous tall.

         c.  developed coarse private issue (GDP) speedily extensiond and then equalizeed off.

         d.  the blame of economic development was illegal.

         e.  the blame of unpossession lowerd and then extensiond at a succeeding spell.

ANS:            

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

         a.  the husbanding speedily bounced end and resumed natural development undeviatingly.

         b.  the husbanding never developedly rotten plenteous at all.

         c.  the husbanding did not repay to natural for at smallest one year.

         d.  the husbanding extensiond speedily subjoined the inception of the recession.

         e.  the husbanding essentially contracted and never saveed.

ANS:            

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

         a.  developed coarse private issue (GDP) initially rotten and then saveed somespell succeeding.

         b.  the commerce failure was liberally natural.

         c.  the blame of unpossession extensiond and then lowerd at a succeeding spell.

         d.  the after a whiledraw in developed GDP was plenteous liberalr and lasted craveer.

         e.  the husbanding did not repay to natural for at smallest one year.

ANS:            

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

         a.  the blame of unpossession extensiond and then lowerd at a succeeding spell.

         b.  the extension in unpossession was plenteous main and lasted craveer.

         c.  developed coarse private issue (GDP) initially rotten and then saveed somespell succeeding.

         d.  the husbanding did not repay to natural for at smallest one year.

         e.  the blame of inflation did not diversify at all.

ANS:            

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

         a.  the husbanding did not repay to natural for at smallest one year.

         b.  most consumers were natural by the recession.

         c.  the overall husbanding took far craveer to save than the mediocre.

         d.  the blame of unpossession extensiond and then lowerd at a succeeding spell.

         e.  developed coarse private issue (GDP) initially rotten and then saveed somespell succeeding.

ANS:            

  15.  The Great Recession lasted craveer and was submergeder than the mediocre recession, in sunder, consequently:

         a.  oil-producing countries gesticulatoryally extensiond oil charges, causing very tall inflation.

         b.  there was a gesticulatory cut in soldierlike spending in the years quantitative up to the recession.

         c.  the Federal Reserve refused to extension the capital contribute to embitter completion require.

         d.  the empire rich tax blames in an trial to redress the federal budget.

         e.  there was a superior financial turning-point subjoined the abandonment of housing charges.

ANS:            

  16.  During the Great Recession, a superior financial turning-point followed the abandonment of housing charges, which led to:

         a.  a lower in the capital contribute by the Federal Reserve.

         b.  the after a whiledraw in the soundness of numerous liberal financial firms and banks.

         c.  skyrocketing oil charges.

         d.  an extension in proceeds tax blames to after a whiledraw the federal budget failure.

         e.  an extension in expected proceeds.

ANS:            

  17.  During the Great Recession, there was a financial turning-point, a fund bargain clang, and a abandonment in housing charges, all of which:

         a.  contributed to a very crave and submerged recession.

         b.  helped the U.S. husbanding effect emend than the economies of other countries.

         c.  kept unpossession from preferment aloft the literal mediocre.

         d.  fruited in a very weak and calm recession.

         e.  prevented the United States from experiencing a after a whiledraw in developed coarse private issue (GDP).

ANS:            

Use the subjoined graph to apology the direct seven questions. The graph depicts an husbanding where completion require and crave-run completion contribute (LRAS) enjoy lowerd, after a while no diversify in weak-run completion contribute (SRAS).

  18.  As a fruit of completion require and crave-run completion contribute decreasing, we can see that the charge equalize _________ and developed coarse private issue (GDP) _________.

         a.  surviveed illegal; lowerd

         b.  extensiond; lowerd

         c.  lowerd; surviveed illegal

         d.  surviveed illegal; extensiond

         e.  extensiond; extensiond

ANS:            

  19.  The graph accurately summarizes what happened during the Great Recession, consequently during that spell, the charge equalize _________ and developed coarse private issue (GDP) _________.

         a.  lowerd; lowerd

         b.  extensiond; extensiond

         c.  surviveed liberally illegal; lowerd

         d.  lowerd; surviveed illegal

         e.  surviveed illegal; extensiond

ANS:            

  20.  Which of the subjoined would enjoy objectd completion require to lower in the graph, such as occurred during the Great Recession?

         a.  an extension in expected proceeds

         b.  a lower in tax blames

         c.  a lower in housing charges and fund charges

         d.  an extension in consumer sentiment

         e.  an gait in technology

ANS:            

  21.  During the Great Recession, developed coarse private issue (GDP) lowerd yet the completion charge equalize surviveed liberally illegal, as depicted in the graph. Unpossession extensiond to aloft-natural equalizes. Which of subjoined best explains why this happened?

         a.  A momentous after a whiledraw in soldierlike spending subjoined the end of a war led to a recession.

         b.  A acute recession followed the United States surrendering the gold exemplar.

         c.  A after a whiledraw in housing charges and fund charges, plus a financial turning-point, objectd a recession.

         d.  A abrupt extension in oil charges objectd inflation and a submerged recession.

         e.  A fund bargain clang, liberal bulk of bank failures, an extension in tax blames, and a neat capital contribute objectd a recession.

ANS:            

  22.  During the Great Recession, developed coarse private issue (GDP) waste yet the charge equalize was liberally illegal, as depicted in the graph. Consequently of this, we apprehend that:

         a.  twain completion require and crave-run completion contribute extensiond during the recession.

         b.  completion require and crave-run completion contribute twain lowerd during the recession.

         c.  completion require lowerd and crave-run completion contribute extensiond during the recession.

         d.  completion require lowerd and weak-run completion contribute extensiond during the recession.

         e.  crave-run completion contribute extensiond and weak-run completion contribute lowerd during the recession.

ANS:            

  23.  The after a whiledraw in housing charges contributed to the Great Recession, as depicted in the graph, in that:

         a.  it objectd developed coarse private issue (GDP) and the charge equalize to extension.

         b.  it objectd an extension in oil and gas charges, which led to inflation.

         c.  it objectd a lower in free opulence and created a turning-point in the loanable funds bargain.

         d.  it objectd an extension in free opulence and a turning-point in the loanable funds bargain.

         e.  it prevented unpossession from preferment aloft literal mediocres.

ANS:            

  24.  In the graph, we see that crave-run completion contribute lowerd during the Great Recession. This was due to a after a whiledraw in housing charges and the following financial turning-point. Why did these factors object crave-run completion contribute to lower?

         a.  They objectd free opulence and expected proceeds to after a whiledraw.

         b.  They objectd persistent diversifys in the bargain for loanable funds.

         c.  They objectd oil and gas charges to extension, causing inflation.

         d.  They objectd unpossession to survive at natural equalizes.

         e.  They objectd deflation and an extension in the rate of the dollar.

ANS:            

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

         a.  completion require; right

         b.  weak-run completion contribute; right

         c.  crave-run completion contribute; right

         d.  completion require; left

         e.  issueion possibilities; right

ANS:            

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

         a.  completion require; right

         b.  weak-run completion contribute; right

         c.  crave-run completion contribute; left

         d.  crave-run completion contribute; right

         e.  issueion possibilities; right

ANS:            

  27.  During the Great Recession, the U.S. completion require flexion shifted to the left, in sunder, consequently:

         a.  unpossession in the United States lowerd.

         b.  there was excessively tall inflation during this spell.

         c.  there was a fund bargain yell.

         d.  U.S. housing charges waste.

         e.  the empire gesticulatoryally extensiond taxes.

ANS:            

  28.  During the Great Recession, the U.S. completion require flexion shifted to the left, in sunder, consequently:

         a.  there was an extension in expected proceeds.

         b.  the empire gesticulatoryally extensiond taxes.

         c.  there was a lower in expected proceeds.

         d.  the Federal Reserve extensiond concern blames.

         e.  U.S. housing charges extensiond.

ANS:            

  29.  During the Great Recession, the U.S. crave-run completion contribute flexion shifted to the left, in sunder, consequently:

         a.  the empire gesticulatoryally extensiond taxes.

         b.  there was an institutional breakdown in financial bargains.

         c.  there was a after a whiledraw in the equalize of technology.

         d.  there was a after a whiledraw in the U.S. population.

         e.  there was a lower in expected proceeds.

ANS:            

  30.  During the Great Recession, the U.S. completion require flexion shifted to the left, in sunder, consequently:

         a.  the fund bargain rotten in rate by one-third.

         b.  there was a after a whiledraw in the U.S. population.

         c.  there was an extension in expected proceeds.

         d.  the U.S. empire restricted commerce after a while other countries.

         e.  there was an extension in housing charges.

ANS:            

  31.  When U.S. completion require and crave-run completion contribute lowerd during the Great Recession:

         a.  unpossession lowerd.

         b.  developed coarse private issue (GDP) so lowerd.

         c.  developed GDP extensiond.

         d.  developed GDP was natural.

         e.  the charge equalize lowerd.

ANS:            

  32.  During the Great Recession, completion require ________ and crave-run completion contribute ________.

         a.  extensiond; extensiond

         b.  lowerd; lowerd

         c.  lowerd; surviveed illegal

         d.  surviveed illegal; lowerd

         e.  extensiond; lowerd

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