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.

---

Definitions:

Unemployed

Individuals who are without a job but are actively seeking employment.

1937-1938

A period marked by a sharp economic downturn in the United States, considered a recession within the Great Depression era.

American Revolution

The period of political and military action (1775-1783) during which the thirteen American colonies won independence from Great Britain, leading to the establishment of the United States of America.

Labor

The work performed by individuals that contributes to the production of goods and services, typically rewarded with wages.