Just to help if picture is too blury. II. Clearly circle your answers for these

Question

Just to help if picture is too blury.

II. Clearly circle your answers for these multiple choice questions.

1. During the 3rd quarter of 1990, the economy looked most like:

a. b. c. d. (will not allow me to copy and paste graphs)

2. During the 3rd quarter of 1990, it appears that the economy was experiencing:
a. a recessionary gap
b. an inflationary gap
c. full employment

3. During the 3rd quarter of 1990, classical economists would advocate that the government:

a. do nothing and wait for wage rates to start falling

b. do nothing and wait for wage rates to start rising

c. increase government spending and/or cut taxes

d. reduce government spending and/or raise taxes

4. During the 3rd quarter of 1990, Keynesian economists would advocate that the government:

a. do nothing and wait for wage rates to start falling

b. do nothing and wait for wage rates to start rising

c. increase government spending and/or cut taxes

d. reduce government spending and/or raise taxes

Explanation / Answer

1) a

2) c

3) b. do nothing and wait for wage rates to start rising

4) c. increase government spending and/or cut taxes

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