Can I get answers to the questions I have attached?

Can I get answers to the questions I have attached?

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EC 202-HY Chapter Review 14 1 . Which of the following led to the Great Recession? 3. Which of the following were common to the Great Depression and

Can I get answers to the questions I have attached?

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EC 202-HY Chapter Review 14
Page 1 of 5
1
. Which of the following led to the Great Recession?
a. a decline in AD
b. a decline in LRAS
c. a decline in both AD and LRAS
d. a rise in AD but a decline in LRAS
e. a decline in AD but a rise in LRAS
2. Which of the following led to the Great
Depression?
a. a decline in AD
b. a decline in LRAS
c. a decline in both AD and LRAS
d. a rise in AD but a decline in LRAS
e. a decline in AD but a rise in LRAS
3. Which of the following were common to the
Great Depression and the Great Recession?
a. A – In both cases AD declined.
b. B – In both cases LRAS declined.
c. C – In both cases SRAS declined.
d. Both A and B
e. Both A and C
f. Both B and C
4. Which of the following facts is/are FALSE
regarding the Great Depression and the Great
Recession?
a. A – Unemployment rates were higher
during the Great Depression than during
the Great Recession.
b. B – Real GDP returned to its pre-recession
level faster during the Great Depression
than during the Great Recession.
c. C – Both the Great Depression and the
Great Recession resulted from a permanent
breakdown of the loanable funds market.
d. Both A and B
e. Both B and C
f. Both A and C
5. Identify the series from the graphs given below
a. Series A: Great Depression unemployment rate; Series B: Great
Depression real GDP; Series C: Great Recession real GDP; Series D:
Great Recession unemployment rate
b. Series A: Great Depression real GDP; Series B: Great Depression
unemployment rate; Series C: Great Recession real GDP; Series D:
Great Recession unemployment rate
c. Series A: Great Recession real GDP; Series B: Great Depression
real GDP; Series C: Great Recession unemployment rate; Series D:
Great Depression unemployment rate
d. Series A: Great Depression real GDP; Series B: Great Recession
real GDP; Series C: Great Depression unemployment rate; Series D:
Great Recession unemployment rate
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EC 202-HY Chapter Review 14
Page 2 of 5
6. Classical economists focus on the ___________,
while Keynesian economists focus on the
____________.
a. short run; long run
b. long run; short run
c. Both focus on the short run.
d. Both focus on the long run.
e. Time period is not the essence of the
debate between classical and Keynesian
economists
7. Which of the following are supported by
Keynesian economics?
I. Markets always work.
II. The economy is self-correcting.
III. Demand side matters.
IV. Government intervention can be necessary to
restore full employment.
a. I and II
b. II and III
c. III and IV
d. I, II, and III
e. II, III, and IV
f. I, II, III, and IV
8. Classical economists believe that savings is
____________, while Keynesian economists believe
that savings is ____________.
a. a drain on demand; crucial to growth
b. crucial to growth; a drain on demand
c. Both believe that savings is crucial to
growth.
d. Both believe that savings is a drain on
demand.
9. During the 2008–9 Great Recession, the Obama
administration proposed several stimulus packages
with an aim to recover the economy from the
economic crisis. Which school of thought will most
likely support the administration’s policy
prescriptions?
a. Keynesian
b. Classical
c. Both Keynesian and classical
d. Neither Keynesian nor classical
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