In how many of the years after the onset of the Great Depression did the United States experience cyclical unemployment greater than 10% (Hint: only look at the rate at the beginning of each year), According to classical economics, a decrease in aggregate demand causes the price level to _____________ in the long run. During the Great Recession, there was a financial crisis, a stock market crash, and a collapse in housing prices, all of which: contributed to a very long and deep recession. An institutional breakdown in U.S. financial markets would tend to cause: If you were to ask a Keynesian economist for his perspective on economic stability, what might he say? In some towns, local newspapers published the names of welfare recipients. He also suspended the convertibility of dollars into gold; private individuals were required to turn in all their gold coins. A - Unemployment rates were higher during the Great Depression than during the Great Recession. Krugman doesn’t respond to any of my arguments but he does give us the old line that fiscal policy didn’t fail during the Great Depression it wasn’t tried. During the Great Recession, the U.S. long-run aggregate supply curve shifted to the left, in part, because: there was an institutional breakdown in financial markets. Note that E1 and E2, respectively, are the initial and final equilibrium points before and after the wealth decrease. When financial markets went into a crisis during the Great Recession, it caused long-run aggregate supply to decrease because: there were new regulations limiting the amount of loans that could be made. When 9,000 banks failed during the Great Depression, it caused aggregate demand to decrease because: the government didn't help the banks, causing the money supply to decrease. About. _______ in aggregate demand could allow real GDP and the unemployment rate to continue in their current direction. The Great Depression actually consisted of two separate recessions. Which of the following policy statements would a classical economist tend to support? Which school of thought will most likely support the administration's policy prescriptions? Classical economists focus on the ___________, while Keynesian economists focus on the ____________. This would tend to cause. Now, you might say that the incomplete recovery shows that “pump-priming”, […] If prompted to describe fundamental beliefs about the economy, a Keynesian economist would state that: more focus should be placed on the short run than the long run. A decrease in U.S. housing prices would tend to cause: Assume that the natural rate of unemployment is 5%. b. Keynesian economics. By the end of the First World War, a primarily agrarian American society had become a primarily urban, industrialized one. Classical economists believe that all prices are adjustable, therefore, in an inflationary period the increased aggregate demand would result in all prices increasing (including inputs like wages) which would then decrease aggregate supply. During the Great Recession, the U.S. ________ curve shifted to the ________. Which of the following policy statements would a Keynesian economist tend to support? Based on the belief that prices are sticky and inflexible, Keynesian economists conclude that: the economy is not self-correcting and can become stuck below full employment. Practice: The Great Depression. Graph ____ depicts the conditions of the Great Recession, and graph _____ depicts the conditions of the Great Depression. This would have been caused by: Which of the following led to the Great Depression? Which of the following would have caused aggregate demand to decrease during the Great Depression? a. supply-side economics. The Great Depression came as a shock to what was then the conventional wisdom of economics. popularly accepted theory prior to the Great Depression of the 1930s; says the economy will automatically adjust to full employment Keynesian Economics based on the work of John Maynard Keynes (1883-1946) who focused on the role of aggregate spending in determining the level of macroeconomic activity The government should allow the economy to adjust to changes in aggregate demand on its own, without interference. The two key movements were for unemployment insurance and old-age pensions. The 1920s were a period of optimism and prosperity – for some Americans. Quizlet flashcards, activities and games help you improve your grades. Classical economists believe that the economy is stable and tends toward full employment because: prices are flexible and allow the economy to quickly return to full employment. Identify whether the following statement is more likely to come from a classical economist or a Keynesian economist. What started as Black Tuesday on October 29, 1929, only culminated prior … the increase in unemployment was much greater and lasted longer. If asked about the basic functioning of the economy, a classical economist would claim that: the market tends toward stability and full employment. Test your knowledge on all of The Great Depression (1920–1940). The New Deal. The popular theory prior to the Great Depression that the economy will automatically adjust to achieve full employment in the long run is. Site Navigation. Billion… They were the first to be laid off from their jobs, and they suffered from an unemployment rate two to three times that of whites. It is estimated that unemployment hit 24.9% during the Great Depression. 11/08/2015 ° Prior to the great depression, the purpose of the federal budget was to finance the activities of the federal government. Which of the following statements is consistent with what happened during the Great Recession? After the stock market crash of 1929 , those entry-level, low-paying jobs either disappeared or … How many months did the Great Recession last? The Great Recession is characterized by a decrease in aggregate demand. Which of the following graphs depicts classical economics long run correction of a recession, If you were to ask a Keynesian economist for his perspective on economic stability, what might he say, When describing how the economy works, classical economists claim that, When financial markets went into a crisis during the Great Recession, it caused long-run aggregate supply to decrease because, there were new regulations limiting the amount of loans that could be made, Which of the following statements is consistent with what happened during the Great Recession, Aggregate demand and long-run aggregate supply decreased, causing unemployment to rise to 10%, During the Great Depression, aggregate demand in the U.S. economy decreased. In what ways was the Great Depression similar to and different from earlier and ... troubles of the US prior to the GD. "Government intervention in the economy is sometimes necessary.". During the Great Recession, the U.S. aggregate demand curve shifted to the left, in part, because:. Thus, on the eve of the Great Depression of the 1930's, a larger proportion of the American people were dependent on cash wages for their support than ever before. The second purpose arose as a reaction to the great depression. The popular theory prior to the Great Depression that the economy will automatically adjust to achieve full employment is. Which pair of factors contributed to this decline in wealth? Causes of the Great Depression the 1920’s was period of grate happiness among the people of all kind, but it was not until the end of this decade that the financial had been noticed. Perfect prep for The Great Depression (1920–1940) quizzes and tests you might have in school. The back-to-back recessions that began in 1929 and ended in 1938 are collectively known as: During the Great Recession, a major financial crisis followed the collapse of housing prices, which led to: the decline in the health of many large financial firms and banks. more focus should be placed on aggregate demand than aggregate supply. The unemployment rate was over 25% at the height of the Great Depression. After year 2 of the Great Recession, the United States began to experience _______ in real GDP and _______ in the unemployment rate. On the other hand, an increase in aggregate demand causes the price level to _____________ in the long run. When held up against other economic downturns, the Great Depression: During the Great Depression, thousands of U.S. banks failed. When Herbert Hoover became President in 1929, the stock market was climbing to unprecedented levels, and some investors were taking advantage of low interest rates to buy stocks on credit, pushing prices even higher. Which of the following graphs depicts classical economics long run correction of a recession? If real GDP was $977 billion in 1929, by how much did real GDP decrease at the peak of the Great Depression? As a result, the price level _________ and real gross domestic product (GDP) _________. When the government raised taxes at the beginning of the Great Depression, it caused aggregate demand to decrease because: household disposable income decreased, causing consumer spending to decrease. The President's Emergency Committee for Employment (later renamed the President's Organization for Unemployment Relief) was established in October 1930 to coordinate the efforts of local welfare agencies. One of the reasons why the Great Depression was so severe is that: When the U.S. aggregate demand curve shifted to the left during the Great Depression: Savings is crucial to economic growth because it leads to investment in productive capital. The Great Depression had _________ when compared to the average recession. During the Great Recession, __________ caused long-run aggregate supply to decrease. Oh no! The New Deal. During the Great Recession, the U.S. aggregate demand curve shifted to the left, in part, because: Classical economists believe that savings is ____________, while Keynesian economists believe that savings is ____________. b. As a result, Keynesian economists focus on _____________ changes and aggregate ____________. During the Great Recession, ___________ caused aggregate demand to decrease. In regard to describing how the economy functions, Keynesian economists claim that: When U.S. aggregate demand and long-run aggregate supply decreased during the Great Recession: real gross domestic product (GDP) also decreased. Classical economists believe that all prices are adjustable, therefore, in a recession the lack of aggregate demand would result in all prices decreasing (including inputs like wages) which would then increase aggregate supply. One factor would be: Classical economists believe that prices are completely flexible, from which they conclude that: the economy is self-correcting in response to shocks. African American life during the Great Depression and the New Deal. In how many of the years after the onset of the Great Depression did the United States experience cyclical unemployment greater than 10% (Hint: only look at the rate at the beginning of each year)? When they reopened, depositors stopped drawing out funds, and the tide of bank failures ceased. The Great Depression initially led to a sharp drop in union membership, but when economy began to recover in 1933, so did union membership. Employment dropped by 20.5 million, more than 10 times the previous largest monthly decrease of … Although AFL membership fell to fewer than 3 million amidst large-scale unemployment, widespread economic hardship created sympathy for working people. The Great Recession lasted longer and was deeper than the average recession, in part, because: there was a major financial crisis following the collapse of housing prices. Our mission is to provide a free, world-class education to anyone, anywhere. The Great Depression is characterized by a decrease in aggregate demand. Khan Academy is a 501(c)(3) nonprofit organization. According to classical economics, a decrease in aggregate demand causes the price level to _____________ in the long run. This spike in unemployment was caused by the large decrease in aggregate demand. To ensure the best experience, please update your browser. Identify which of the following graphs will be drawn by classical and Keynesian economists, respectively, for an economy experiencing a decrease in wealth. When U.S. housing prices declined prior to and during the Great Recession, it caused aggregate demand to decrease because: household wealth decreased, causing a decline in consumer spending. One similarity between the Great Recession and the Great Depression is that, in both episodes: there were significant problems in financial markets. When considering how the economy works, classical economists hold that: the long run is more significant than the short run. The short run deserves more attention than the long run. If you asked a classical economist which economic time frame she prioritized, how might she respond? World War II. a. supply-side economics. Next lesson. The government should intervene in the economy to promote full employment. Which of the following best summarizes the main causes of the Great Recession? During the Great Depression, there was a financial crisis and a stock market crash, both of which: contributed to a very long and deep depression. News; Keynesian economists believe that prolonged recessions are possible because: prices are sticky and do not adjust quickly during economic downturns. Roosevelt ordered all the banks to close and be examined, so the sound ones could be reopened. According to Keynesian economists, this is a result likely from a change in aggregate ____. Classical economists believe that when aggregate demand changes, the economy remains at full employment because: Prior to the Great Depression, U.S. stock prices decreased dramatically. When describing how the economy works, classical economists claim that: What is the difference between unemployment rates during the Great Depression and the Great Recession at their peaks? As a result, the unemployment rate _________ and the price level _________, During the Great Depression, aggregate demand decreased. there was a severe decline in stock prices. It looks like your browser needs an update. To see why, we must go back to the classical tradition of macroeconomics that dominated the economics profession when the Depression began. The Great Depression was a period of time when the world economy plunged to its deepest and brought the country to a virtual stand still. President Franklin D. Roosevelt used Keynesian economics to build his famous New Deal program. Consider these four graphs. According to Keynesian economists, prices tend to be ______________. One similarity between the Great Depression and the Great Recession is that in both cases: there was noticeable stress in financial markets. c. classical economics. Keynesian economists believe that government intervention in the economy is necessary because: prices are sticky and prevent the economy from moving toward full employment. A stock market crash in __________ is generally viewed as the beginning of the Great Depression. Macro Ch11&12 study guide by ecmoraitis includes 23 questions covering vocabulary, terms and more. As New Deal programs were enacted, the unemployment rate gradually lowered. This was caused by __________. Virtually full employment was achieved during World War II. Higher tax rates and a banking crisis then drove the economy into a depression. If a Keynesian economist were asked to make a statement about the relationship between the government and the economy, what might she say? Which of the following events would have caused such a decrease, When the government pursued a "tight money" policy during the Great Depression, it caused aggregate demand to decrease because, it reduced consumer spending and investment spending, The back-to-back recessions that began in 1929 and ended in 1938 are collectively known as, If a Keynesian economist were asked to make a statement about the relationship between the government and the economy, what might she say, Keynesian economists believe that prolonged recessions are possible because, prices are sticky and do not adjust quickly during economic downturns, During the Great Recession, the U.S. aggregate demand curve shifted to the left, in part, because, The Great Recession was similar to most other recessions since World War II in that, the economy did not return to normal for at least one year, If asked about the basic functioning of the economy, a Keynesian economist would state that, the market tends toward instability and cyclical unemployment, Which of the following best summarizes the main causes of the Great Recession, The collapse of housing prices led to decreased wealth and significant problems in financial markets, as well as a decrease in expected income and a stock market collapse, If you asked a classical economist which economic time frame she prioritized, how might she respond, When U.S. housing prices declined prior to and during the Great Recession, it caused aggregate demand to decrease because, household wealth decreased, causing a decline in consumer spending, Assume that the natural rate of unemployment is 5%. How many years passed before the United States reached its lowest real GDP level during the Great Depression? During the presidential campaign of 1932, Franklin Roosevelt criticized the deficits under Hoover, and on taking office in March 1933 he moved to cut federal spending, including veterans' benefits. The collapse of housing prices led to decreased wealth and significant problems in financial markets, as well as a decrease in expected income and a stock market collapse. The Great Depression actually consisted of two separate recessions. Aggregate demand and long-run aggregate supply decreased, causing unemployment to rise to 10%. popularly accepted theory prior to the Great Depression of the 1930s; says the economy will automatically adjust to full employment, based on the work of John Maynard Keynes (1883-1946) who focused on the role of aggregate spending in determining the level of macroeconomic activity, occurs when the amount of total planned spending on new goods and services equals total output in the economy, stocks of goods on hand; can be intentional or unintentional, occurs when an economy experiences high rates of both inflation and unemployment, a return to the basic classical premise that free markets automatically stabilize themselves and that government intervention is not advisable, the interest rate moves with changes in overall prices; there is an inverse relationship between the interest rate and the amount people borrow and spend, in order to maintain the same amount of accumulated wealth, people spend less when prices rise and more when prices fall, there is a direct relationship between changes in overall prices in an economy and spending on imports that diverts spending from domestically produces output, over the long run, unemployment will tend toward its natural rate, and policies to reduce unemployment below that level will be ineffective, households and businesses base their expectations of the future on past and current experiences, households and businesses base their expectations of future policies on how they think that will be affected by those policies, builds on the Keynesian view that the economy does not automatically return to full employment; emphasizes downward sticky prices and individual decision making in the micreconomy, school of thought that favors stabilizing the economy through controlling the money supply, persons who favor the economic policies of monetarism, policies to achieve macroeconomic goals by stimulating the supply side of the market; popular in the 1980s, curve showing the relationship between an economy's unemployment and inflation rates, an economy where foreign influences have no effect on output, employment, and prices, an economy when foreign influences have an effect on output, employment, and prices. Prior to the Great Depression, most Americans had negative views of government welfare programs and refused to go on welfare. Consider these four graphs. Classical economists believe that savings is crucial for economic growth because: savings leads to investment spending, which increases output. If real GDP was $977 billion at the start of the Great Depression and $13.16 trillion at the start of the Great Recession, then real GDP was _______ in year 7 of the Great Depression and _______ in year 4 of the Great Recession. When compared to other recessions, the Great Depression: had much larger decreases in real gross domestic product (GDP). The British economist John Maynard Keynes developed this theory in the 1930s. During the Great Depression, aggregate demand in the U.S. economy decreased. the economy can adjust back to full employment on its own. FDR strongly favored labor unions and they became a major component of his New Deal coalition, an alliance of interest groups that supported the New Deal and voted for Democratic presidential candidates. Identify the series from the graphs given below, Series A: Great Recession real GDP; Series B: Great Depression real GDP; Series C: Great Recession unemployment rate; Series D: Great Depression unemployment rate. Which of the following statements is consistent with what happened during the Great Depression? The Great Depression lasted longer and was deeper than the average recession, in part, because: the government raised taxes and did not allow the money supply to increase. the stock market declined in value by one-third. Keynesian economists believe that more focus should be placed on aggregate demand than aggregate supply because: governments can promote full employment by stimulating aggregate demand. b. Keynesian … The need for pensions prompted the Townsend Plan, which emerged in 1933 and quickly won large public support. During the Great Depression, the U.S. aggregate demand curve shifted to the left, in part, because: If a classical economist were asked which factor is most important to ensuring economic growth, how might he respond? Based on the belief that prices are sticky and inflexible, Keynesian economists conclude that, The Great Depression had _________ when compared to the average recession, When 9,000 banks failed during the Great Depression, it caused aggregate demand to decrease because, the government didn't help the banks, causing the money supply to decrease, When considering the magnitude of the Great Depression in comparison to other recessions, the Great Depression, was the most severe recession in U.S. history, Which of the following statements is consistent with what happened during the Great Depression, Which of the following economic statements would a classical economist tend to support, Savings is crucial to economic growth because it leads to investment in productive capital, During the Great Depression, there was a financial crisis and a stock market crash, both of which, contributed to a very long and deep depression, When U.S. aggregate demand and long-run aggregate supply decreased during the Great Recession, real gross domestic product (GDP) also decreased, more focus should be placed on aggregate demand than aggregate supply. During the Great Depression, a major financial crisis followed the collapse of the stock market, which led to: The Great Recession began in __________ and lasted for __________. Which of the following economic statements would a Keynesian economist tend to support? Wisconsin pioneered in enacting an unemployment insurance law in 1932. The Great Depression energized the impulse for social insurance. The "first wave" of the Great Depression first began in _________ and initially lasted for _________. Which of the following led to the Great Recession? According to classical economists, changes in aggregate demand have little effect on the overall economy, and therefore: long-run aggregate supply is the primary source of economic growth. Which of the following could have caused the change in real GDP from year 0 to year 2 during the Great Recession? d. mercantilism. Later a place called the stock market crash of 1929 came as a shock to most Americans and especially the bankers, that looking at the causes of the Great Depression; it was clear how America entered this … Depression and Anxiety . the U.S. government decreased the supply of money. At the depths of the Depression, about one-third of the American workforce was unemployed, a staggering figure for a country that, in the decade before, had enjoyed full employment. These changes occur because of _____________. Which of the following were common to the Great Depression and the Great Recession? Which of the following economic statements would a classical economist tend to support? These changes occur because of _____________, When the U.S. aggregate demand curve shifted to the left during the Great Depression, Which of the following economic statements would a Keynesian economist tend to support II, The short run deserves more attention than the long run, Classical economists focus on the ___________, while Keynesian economists focus on the ____________, One similarity between the Great Recession and the Great Depression is that, in both episodes, there were significant problems in financial markets, Which of the following policy statements would a classical economist tend to support, The government should allow the economy to adjust to changes in aggregate demand on its own, without interference, During the Great Recession, the U.S. aggregate demand curve shifted to the left, in part, because II, The Great Recession was similar to other recessions since World War II in that, real gross domestic product (GDP) initially declined and then recovered sometime later, Classical economists believe that all prices are adjustable, therefore, in a recession the lack of aggregate demand would result in all prices decreasing (including inputs like wages) which would then increase aggregate supply. During the 2008-9 Great Recession, the Obama administration proposed several stimulus packages with an aim to recover the economy from the economic crisis. Which of the following events would have caused such a decrease? The unemployment rate rose sharply during the Great Depression and reached its peak at the moment Franklin D. Roosevelt took office. As a result of several factors, aggregate demand decreased during the Great Depression. What is the difference between unemployment rates during the Great Depression and the Great Recession at their peaks, One of the reasons why the Great Depression was so severe is that, Which of the following economic statements would a Keynesian economist tend to support, Which of the following led to the Great Depression, After year 2 of the Great Recession, the United States began to experience _______ in real GDP and _______ in the unemployment rate. Keynesian economists believe that prices are sticky and do not adjust quickly, from which they concluded that: government intervention is sometimes necessary to promote full employment. In regard to the macroeconomy, it is believed by classical economists that: Among the beliefs held by classical economists, one is that: aggregate supply should be a bigger focus than aggregate demand. On the other hand, an increase in aggregate demand causes the price level to _____________ in the long run. A Keynesian economist would have recommended which of the following in year 1 of the Great Depression and the Great Recession? b. lower wages that would increase the quantity of labor demanded and reduce unemployment. The Great Depression was a difficult, life-altering period in the United States when millions of people struggled to find work and get by. c. C - Both the Great Depression and the Great Recession resulted from a permanent breakdown of the loanable funds market. During the Great Recession, the unemployment rate climbed as high as _________ and remained around 8% _________ months after the recession began. This is the currently selected item. My little spat with with Rauchway regarding unemployment during the Great Depression draws in Paul Krugman. The popular theory prior to the Great Depression that the economy will automatically adjust to achieve full employment, in the long run, is classical economics. The Classical School and the Great Depression. This would have been caused by, When contrasted with other recessions, the Great Depression, If prompted to describe fundamental beliefs about the economy, a Keynesian economist would state that, According to classical economists, changes in aggregate demand have little effect on the overall economy, and therefore, long-run aggregate supply is the primary source of economic growth, If real GDP was $977 billion in 1929, by how much did real GDP decrease at the peak of the Great Depression, During the Great Depression, the U.S. aggregate demand curve shifted to the left, in part, because, During the Great Recession, there was a financial crisis, a stock market crash, and a collapse in housing prices, all of which, contributed to a very long and deep recession, During the Great Recession, the U.S. ________ curve shifted to the ________. View the full answer Previous question Next question the classical Model and final equilibrium points before and after Recession. 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