A particularly severe recession is called a(n):
A. lull.
B. growth recession.
C. depression.
D. super recession.
Answer: C
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Voluntary exchange results in mutual gains.
Answer the following statement true (T) or false (F)
Federal Reserve policy appears to be
A) more concerned with avoiding recession rather than preventing inflation. B) more concerned with preventing inflation rather than avoiding recession. C) equally concerned with avoiding recession and preventing inflation. D) motivated by whether inflation or recession is the current problem.
When Social Security checks were first issued the nominal amount:
A. stayed the same for the life of the payments. B. regularly increased by 5 % every 3 months. C. regularly increased by 10 % every 3 years. D. stayed 3% above the poverty level for all recipients.
Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________. 
A. Rising; A B. Falling; A; C C. Falling; B: C D. Rising; A; C