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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Student question do fas i will 10 upvotes don't use chatgpt answer. The downturn in output and employment experienced by the United States during the Great Recession is best characterized as: a)There was a mild downturn in the United States followed by a rapid recovery because the Federal Reserve cut short-term interest rates to zero in 2008. b) There was a relatively mild downturn in the United States followed by a rapid recovery because the US government adopted austerity measures which spurred a boom in private investment. c)There was a severe downturn in the United States, in part, because the Federal Reserve raised interest rates during the start of the Great Recession to prevent inflation from soaring. d)At first, there was a mild downturn in the United States starting in December 2007, followed by a severe collapse in output and employment after September 2008 once the US government adopted harsh austerity measures. e)The United States was ground zero for the Great Recession because both the collapse in world demand and the financial crisis began in the US.

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