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A period of declining real GDP, accompanied by lower income and higher unemployment is referred to as a:

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  1. A period of declining real GDP, accompanied by lower income and higher unemployment is referred to as a:
  2. Recurring increases and decreases in the level of economic activity over periods of time is referred to as a:
  3. There are two primary phases of the business cycle:
  4. The minimum age to be considered a part of the labor force is:
  5. When someone is unemployed because of a mismatch between available jobs and the skills or locations of those unemployed is referred to as:
  6. The main measure of inflation in the United States is the:
  7. The current inflation rate is:
  8. Who is hurt most by inflation?
  9. The current unemployment rate is:
  10. Since 1960, the highest rate of inflation was around the year:
  11. When the Federal Reserve (central bank) uses a change in the money supply to influence the economy it is conducting:
  12. The total amount of money owed by the Federal government to the owners of government securities is called:
  13. When the Federal government uses taxation and spending actions to influence the economy it is conducting:
  14. Which are contractionary fiscal policies?
  15. The ease with which an asset can be converted into cash is called:
  16. If the government wishes to increase the level of real GDP, it might reduce:
  17. A Federal budget deficit that is caused by a recession and the consequent decline in tax revenue is referred to as a:
  18. Fiscal policy refers to the:
  19. As the economy declines, the collection of personal income tax revenues automatically falls. This relationship best describes how the progressive income tax system:
  20. The function of money is(are):
  21. The narrowest definition of the U.S. money supply is called M1 and consists of:
  22. The M2 money supply is M1 plus:
  23. A major concern with the Social Security trust fund is that:
  24. What guarantees or "backs" the U.S. money supply?
  25. A Federal budget deficit exists when:
  26. The public debt is the:
  27. What best describes credit cards?
  28. How many Federal Reserve Banks are there in the United States?
  29. The current chairman of the Federal Reserve Board is:
  30. Paper currency in the United States is issued by the:
  31. The conduct of monetary policy in the United States is the main responsibility of the:
  32. The fundamental objective of monetary policy is to assist the economy in achieving:
  33. As a result of bank failures in the '30s, what was created to protect deposits in the banking system?
  34. Lowering the discount rate has the effect of:
  35. A television report states: "The Federal Reserve will lower the discount rate for the fourth time this year." This report indicates that the Federal Reserve is most likely trying to:
  36. The world's largest private sector financial institution is located in the:
  37. The interest rate that banks and thrifts charge one another on overnight loans is called the:
  38. The interest rate the Federal Reserve Banks charge on the loans they make to commerical banks and thrifts is called the:
  39. Here we go again: The Vice-President of the United States is:
  40. The question is, "what brought the U.S. out of The Great Depression?" If you remember nothing else from Macroeconomics, please remember this: The Great Depression of the 1930's created a renewed awareness of the discipline and study of Macroeconomics where government became more involved in the economy. The government programs of President Roosevelt assisted in alleviating unemployment and working toward economic stability, but the single most powerful event that brought the United States out of depression was NOT a government program, it was America's involvement in World War II. It started in 1939 with the United States supplying war munitions to our allies and then America's full involvement after Pearl Harbor in 1941. The nation was at virtual full employment with factories producing products to supply the war effort. Unemployment was reduced to the lowest level in history. Again, the government assistance programs of the '30s did NOT end the depression; it was World War II that ultimately brought the U.S. out of economic depression. So, the correct answer to "what brought the U.S. out of The Great Depression" is World War II. This is my gift to you for your service to your country. Hope to see many of you again. Stay safe.

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