A short-run aggregate supply curve (SRAS) assumes:
a. the CPI is fixed
b. each point on the SRAS is potential real GDP.
c. fixed or sticky nominal wages.
d. nominal wages vary directly with price changes.
c
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The major cause of the recession in 2001 was a decline in _____________ spending.
Fill in the blank(s) with the appropriate word(s).
Some call the Great Recession the:
A. period when the economy does not grow for four consecutive quarters. B. recession that began in 2007 due to the decline in consumer spending when the housing bubble burst. C. period of high inflation that took place in the early 1970s. D. period of economic stagnation that took place in the early 1990s.
According to a 1977 amendment to the Federal Reserve Act of 1913, what are the goals the Fed should promote?
American productivity growth was highest in the decade of the
A. 1960's. B. 1970's. C. 1980's. D. 1990's.