The Severity of the 1982 Recession Has Been Attributed to

question 41

Multiple Choice

The severity of the 1982 recession has been attributed to

• A) the Reagan administration's tax cut.
• B) the Federal Reserve System's tight monetary policies undertaken by Chair Paul Volker.
• C) the large deficits in our balance-of-payments accounts.
• D) the OPEC-sponsored oil embargo.
• E) a rapidly falling price level caused by large federal budget deficits.

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Definitions:

Mean

The average value of a set of numbers, calculated by dividing the sum of all the values by the number of values.

Symmetric

Characteristic of a shape or figure that is identical on both sides of a central line; it applies broadly to situations where two sides of something are mirror images of each other.

Bell Shaped

Descriptive of a graph or distribution which is symmetrical and has its highest point in the middle, tapering off evenly on both sides, characteristic of a normal distribution.

Normal Distribution

A bell-shaped probability distribution characterized by its mean and standard deviation, frequently occurring in nature and statistics.