Exam 10: Money, Prices, and the Federal Reserve

The beginning of a recession is called the:

Falling growth rates during the 2007-2009 recession occurred:

In the United States since 1929 the duration of recessions on average has been:

Indicators of economic activity that move at the same time as the overall movement of the economy are called ______ indicators.

Which of the following is most likely to occur in the labor market during a recession?

Workers in durable-goods industries are ______ workers in service industries to lose their jobs during a recession.

In the long run, output gaps are eliminated by:

If the output gap equals -3.2 percent, then

In a recession, the cyclical rate of unemployment:

In reference to short-term economic fluctuations, the "peak" refers to:

Potential output is:

Recessions tend to be ______ by ______ in the rate of inflation.

If firms maintain preset prices in the short run, then the primary cause of outputs gaps is changes in:

______ post-World War II ______ have been preceded by increases in inflation.

A boom is:

Two possible explanations for the decline in the natural rate of unemployment in the United States over the past twenty years are:

Which of the following workers is least likely to lose his/her job during a recession?

If the frictional rate of unemployment equals 3 percent, the structural rate of unemployment equals 4 percent, and the cyclical rate of unemployment equals -2 percent, then the natural rate of unemployment equals:

In Macroland, potential output equals $100 trillion and the natural rate of unemployment is 4 percent. If the actual unemployment rate is 3 percent, then real GDP equals:

Changes in the growth rate of potential output and deviations of actual output from potential output are two logical explanations for: