Monetary Policy to Avert the Great Recession of 2008 -2009

question 308

Multiple Choice

Monetary policy to avert the Great Recession of 2008 -2009 was initiated in ________ and the government stimulus package was passed in __________.

• A)2006;2007.
• B)2007;2008.
• C)2008;2009.
• D)2008;2008.

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Definitions:

Federal Minimum Wage

The lowest legal hourly pay for many workers, as mandated by federal law.

Manufacturing

The process of turning raw materials into finished products through various methods, including human labor, machinery, and chemical processing.

CPI

The Consumer Price Index, a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care, calculated by taking price changes for each item in the predetermined basket of goods and averaging them.

Real Wages

The purchasing power of wages, adjusted for inflation, indicating the quantity of goods and services that can be bought with a unit of labor.