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EC 250 Final Exam - Questions and Answers (Complete Solutions) 1. Which two variables fell as much in the current recession as in the Great Recession? a) output and inflation b) output and employment c) inflation and foreign trade d) unemployment and foreign trade 2. During the current recession, the unusual thing that happened in the labour market was that a) both employment and average earnings fell b) both employment and average earnings increased c) employment increased but average earnings fell d) employment fell but average earnings increased 3. Generally speaking, output decline in the current recession was greater than in the Great Recession. The biggest difference was in the output of a) goods producing industries, which barely fell in the Great Recession and declined 15% in the current recession b) service producing industries, which barely fell in the Great Recession and declined 15% in the current recession c) public sector output, which barely fell in the Great Recession and declined 15% in the current recession d) retail trade, which barely fell in the Great Recession and declined 15% in the current recession