Recall Application 2, "Two Approaches to Determining the Causes of Recessions

question 177

Multiple Choice

Recall Application 2, "Two Approaches to Determining the Causes of Recessions," to answer the following questions:
-According to the application, a recession caused by a decrease in aggregate supply occurred in:

• A) 1981
• B) 1929
• C) 1979
• D) All of the above were caused by a decrease in aggregate supply.

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Definitions:

Product X

A placeholder name for a generic product or service being discussed or analyzed.

Sherman Act

A foundational United States antitrust law passed in 1890, aiming to restrict monopolistic practices and promote market competition.

Interstate Commerce Act

A United States federal law that was designed to regulate the railroad industry and its monopolistic practices by requiring reasonable and just rates, prohibiting rebates, and ensuring fair treatment of railway users.

Wheeler-Lea Act

The federal law of 1938 that amended the Federal Trade Commission Act by prohibiting unfair and deceptive acts or practices of commerce (such as false and misleading advertising and the misrepresentation of products).