Compared to the severe recession of 1981-1982, the growth of real GDP during the first two years of recovery from the 2008-2009 recession was
a. much more rapid and the unemployment rate fell by a smaller amount after the more recent recession.
b. slower and the unemployment rate fell by a smaller amount after the more recent recession.
c. more rapid but the unemployment rate fell by a smaller amount after the more recent recession.
d. similar and the decline in the rate of unemployment was almost identical during the recovery from each of these recessions.
B
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Decreased investment spending in the economy would be a possible result of
A) an open market sale of bonds by the Fed. B) an increase in the money supply. C) an open market purchase of bonds by the Fed. D) a decrease in interest rates.
________ is the market structure in which there are many rival firms producing differentiated products
A) Perfect competition B) Monopolistic competition C) Monopoly D) Oligopoly
A technological change that raises the value of marginal product of capital ________ the rental rate of capital because the ________
A) raises; supply curve of capital shifts leftward B) lowers; supply curve of capital shifts rightward C) raises; demand curve for capital shifts rightward D) lowers; demand curve for capital shifts leftward
Refer to the accompanying figure. At a price of $9, there will be:
A. an excess demand of 5 units. B. an excess supply of 5 units. C. an excess supply of 6 units. D. an excess demand of 1 unit.