4.)(a) What terms are used to describe the way a variable moves when economic activity is rising or falling?

4.)(a) What terms are used to describe the way a variable moves when economic activity is rising or falling?

(b) What terms are used to describe the timing of cyclical changes in economic variables? (see #31 multiple choice)

6.) The Krugman Book Question:

(a) Define what economists mean by term “leverage.”

(b) What role does leverage play in the theory of the business cycle elaborated by Hyman Minsky?

(c) What is a “Minsky Moment?”

(d) According to Minsky’s theory, is proper application of Fiscal Policy (Government Spending) or Central Bank Policy capable of stabilizing the financial sector (and the overall economy) so as to avoid future large-scale recession?
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