According to real business cycle theory why did the U.S. Economy experience the most r Show more Question 5 According to real business cycle theory why did the U.S. Economy experience the most recent recession? Answer The money supply declined. The financial crisis lead to a shock to aggregate supply. Consumers and managers of firms were pessimistic about the future. Politicians did not implement expansionary policies All answers are correct. Question 6 An economist from which perspective would support the quantitative easing policies of the Federal Reserve? Answer Monetarist New Classical New Keynesian Real Business Cycle Question 7 As workers change their expectations to expect higher inflation (or a higher price level) Answer there is a decrease in long-run aggregate supply. there is an increase in aggregate demand. there is a decrease in aggregate demand. there is a decrease in short-run aggregate supply. there is an increase in short-run aggregate supply. Question 8 Which of the following are real shocks to aggregate supply? SELECT ALL THAT APPLY Answer I. Bad weather or drought II. Decline in the money supply III. Decline in consumer confidence IV. Financial market collapse Show less

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