When Faced with the Great Recession,both Presidents,most Members of Congress

question 219

Multiple Choice

When faced with the Great Recession,both Presidents,most members of Congress and Federal Reserve officials showed that they were really true believers in the ___________ school of economic thought.

• A)Keynesian
• B)Supply side
• C)New Classical
• D)Behaviorist
• E)Rational expectations

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Definitions:

Surplus Supply

Occurs when the quantity of a good or service supplied is greater than the quantity demanded at a given price.

Food for Peace

A U.S. government program designed to combat world hunger through the donation and sale of U.S. food to developing countries.

Price Supports

Government interventions to maintain the market price of a commodity or product above its equilibrium level, often to protect producers' incomes.

American Exports

Items and services manufactured in the United States that are marketed to other countries.