Match the reasons why the effects of expansionary monetary policy were limited during each U. S. recession. Great Recession A. The Fed did little to proactively offset the fall of the M2 money supply. B. New bank regulations meant the downturn was at least partially due to a shift in long-run aggregate supply. C. Massive bank failures and money held outside of the banking system resulted in a reduced money multiplier. D. Monetary policy was mostly expected by the public. Great Depression

The prebisch–singer hypothesis concludes that: a. technology lowers the cost of manufactured products, so developing countries should see an increase in their terms of trade. b. developing countries experience a long-run decline in their terms of trade, as the demand for primary products in higher-income countries declines relative to their demand for manufactured goods. c. because of unfair trading practices, labor in developing countries is exploited. d. opec has been responsible for a slowdown in the world's standard of living.