Macroeconomics (Fourth Edition)
4th Edition
ISBN: 9780393603767
Author: Charles I. Jones
Publisher: W. W. Norton & Company
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Chapter 10, Problem 2RQ
To determine
The intensity of the Great Recession.
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How severe was the great recession? What pieces of economic data would you cite to support the answer?
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Macroeconomics (Fourth Edition)
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- Suppose you are an advisor to the Business Cycle Dating Committee. You are asked to look at macroeconomic data to evaluate whether the economy has entered a recession this year. Which data do you look at? How does the economy behave at the onset of a recession? Explain how unemployment changes over the business cycle. Why do these changes occur?arrow_forwardA recession in the United States is likely to raise the growth of real GDP in Europe. Do you agree or disagree? Why?arrow_forwardIn the context of economic recession, explain monetary and fiscal measures that should be implemented by the government and discuss the impacts of these measures on businesses.arrow_forward
- What global forces are affecting the U.S. economy?What consequences are they having? How might theyaffect your own life?arrow_forwardWhat happens when firms and workers underestimate future prices in the economy? Explain the answer while focusing on what would happen to actual output as opposed to the expected potential output.arrow_forwardWhy do economists seek to abstract from the business cycle to focus on long-term secular trends in output?arrow_forward
- Do the length and severity of the Great Depression reflect a defect in the operation of markets? Do they reflect a failure of government policy?arrow_forwardWhat happens when firms and workers underestimate future prices in the economy. On what would happen to actual output as opposed to the expected potential output.arrow_forwardResearch past recessions in the US economy. Analyze why the recessions occurred, the societal and economic impact of the recessions, and what policies were implemented due to recessions.arrow_forward
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