The words “panic,” “recession,” and “depression” mean the same thing.

_______ occurs when a single individual rules the government.

The National Economic Bureau of Research (NEBR) defines a recession as two consecutive quarters (or 6 consecutive months) in which the GDP becomes smaller (i.e. the economy contracts).

Expansionary monetary policy causes ________ the aggregate demand curve.

Theoretically, how will an increase in the discount rate affect the money supply?

The portion of additional income that is spent on consumption is called the

Theoretically, how will an increase in the required reserve ratio affect the size of the money supply?

If the marginal propensity to consume is equal to 0.4, the spending multiplier is equal to ________.

Contractionary monetary policy occurs when ________ in an effort to control an economy that is expanding too quickly.

Contractionary monetary policy occurs when ________ in an effort to control an economy that is expanding too quickly.