Compared to the severe recession of 1981-1982, the growth of real GDP during the first two years of recovery from the 2008-2009 recession was
a. much more rapid and the unemployment rate fell by a smaller amount after the more recent recession.
b. slower and the unemployment rate fell by a smaller amount after the more recent recession.
c. more rapid but the unemployment rate fell by a smaller amount after the more recent recession.
d. similar and the decline in the rate of unemployment was almost identical during the recovery from each of these recessions.
B
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When disposable income is $8 trillion, consumption expenditure is $5 trillion; when disposable income is $5 trillion, consumption expenditure is $3 trillion. The MPC is
A) (5 - 3 ) ÷ (8 - 5 ) = 0.667. B) (8 - 5 ) ÷ (5 - 3 ) = 1.333. C) (5/8 + 3/5 ) = 1.225. D) (5 + 3 ) ÷ (8 - 5 ) = 2.667. E) (5 + 3 ) ÷ (8 + 5 ) = 0.615.
According to the Application, economist John B. Taylor found that the aid to state and local governments which were a part of the 2009 stimulus package were used primarily to
A) increase spending on transfer programs, goods, and services. B) increase spending on goods and services. C) increase spending on transfer programs, but spending on goods and services declined. D) increase spending on infrastructure, but spending on transfer programs declined.