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- An increase in the price of a barrel of oil will shift the aggregate demand curve to the left and increase the price level/inflation and decrease the level of GDP output True /FalseDetermine which statements about the Great Recession, in comparison to average post‑World War II (post‑WWII) recessions, are true and which statements are false. The unemployment rate was higher during the Great Recession.The rise in real GDP was greater during the Great Recession.The recovery in output and unemployment took longer after the Great Recession.QUESTION 10 A recession is a period during which aggregate output increases. True False
- Which of the following could cause the US economy to go into a recession? a) a declining stock market and an increase in unemployment b) an increase in pessimism by consumers and businesses c) All of the choices are correct d) a decrease in Aggregate Demand e) None of the choices is correctEconomic activity is subject to fluctuations (booms and slumps). Which of the following statements is correct for the US economy, considering the entire period from 1870-2015? Select one: a. Economic fluctuations have been reduced by automatic stabilizers as the size of government has increased b. The main cause of economic fluctuations over this period has been the size of the agricultural sector and the effects of weather. c. Economic fluctuations have increased due to the speed with which money moves around the world in recent years d. Bank failures and financial crises were the main causes of economic fluctuations.Explain business response towards recessionary pressures in the economy.
- What common rule of thumb do economists use to define a recession? A decline of 5% in GDP A decline of 10% in GDP One quarter of negative GDP growth Two quarters (six months)of negative GDP growthDeflation is particularly bad for an economy in recession for all of the following reasons EXCEPT a-with deflation people spend less expecting prices to be lower in the future b- the rising prices makes goods more expensive c- with deflation the value of assets declines while the value of loans does not - this lowers wealth and further depresses spendingEconomists defined economic recession as more than 2 consecutive quarters in which there is a decline in real GDP a.) True b.) False
- Suppose a country's potential level of output is $90 billion. A decrease in total spending causes aggregate demand to decrease, and output is now $75 billion. What is the country's level of output in the short run? (Answer in billions.) $______From 1950 - 2007, recessions in the United States A. did not occur. B. became more severe than before 1950. C. became less severe than before 1950. D. were about as severe as they were before 1950Bureau of Economic Analysis—July 30, 2021 The US economy continued its robust recovery during the second quarter in 2021, allaying fears the coronavirus pandemic had permanently plunged the economy into recession. The second-quarter surge in economic activity was driven by consumer spending, which showed 24.6% increase. In addition to the increase in personal consumption, business investment rose by 9%, with subcomponents in structures and equipment each growing. Government spending rose a modest 2.7%, in large measure due to stimulus spending under President Biden and the Democratic Congress to help suffering households and businesses. The spike in GDP was accompanied by a drop in the unemployment rate, with the 2nd Quarter unemployment rate at 5.4%. And the Fed reported the nation’s capital utilization rate in the 2nd quarter ticked upward to 68%. Please reproduce the graph 4A. Reproduce Figure 1.3 from Module 1--The Keynesian Model of an economy below its level of potential output.…
