Exam 12: Short-Run Fluctuations

A decrease in money supply will lead to ________ if nominal wages are fixed.

In a vertical section of a labor supply curve,________.

Assuming all else equal,if the marginal product of labor rises,________.

Which group anticipated the Great Depression?

Which of the following falls during an economic boom?

According to ________,there is a close connection between unemployment and the growth rate of real GDP.

What is the longest an expansion could be?

The ________ in a country's GDP during a recession is smaller if wages are ________.

Explain the term "labor hoarding."

When an economy experiences an expansion and reaches full employment,what do we expect to rise quickly?

Another common term for a recession is a(n)________.

The major recession that occurred sometime between 2005 and 2015 occurred during which years?

During the Great Depression,real GDP fell.Which of real consumption and real investment also fell?

Which of the following will happen if there is a fall in the supply of credit in an economy without any change in the demand for credit?

In percentage terms,which decreased the most due to the recession of 2007−2009: consumption spending,investment spending,or government spending?

How did the decline in construction in the late 2000s affect the labor market?

The "non-residential construction industry" refers to the building of things like ________.

The ________ theory emphasizes that changing expectations about the future is the main reason behind fluctuations in an economy.

Which of the following will happen if aggregate consumption in an economy falls?

A recent study revealed that the consumption of coffee is injurious to health.This led to a sharp decline in coffee consumption worldwide.If coffee production accounts for 40 percent of Richland's GDP,this will lead to a(n)________.