In which of the following periods did the U.S. experience a serious recession?
A) 1980-81
B) 2008-09
C) 1929-33
D) all of the above
Ans: D) all of the above
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The above figure shows the market for pizza. Which figure shows the effect of an increase in the price of sandwiches, which for consumers are substitutes for pizza?
A) Figure A B) Figure B C) Figure C D) Figure D
Refer to Figure 24-1. Ceteris paribus, a decrease in households' expectations of their future income would be represented by a movement from
A) AD1 to AD2. B) AD2 to AD1. C) point A to point B. D) point B to point A.
The more available substitutes there are for a good, the
a. larger the number of consumers b. smaller the number of consumers c. smaller the supply side response d. more elastic the demand for that good e. less elastic the demand for that good
Briefly discuss some of the short-term options the Phillips curve gives policy makers and provide examples of how at least two of these options might be used.
What will be an ideal response?