A lagging variable can be recognized by the fact that
A) its persistence is smaller than that of GDP.
B) its turning points happen before the turning points of GDP.
C) the turning points of GDP happen before its turning points.
D) its persistence is larger than that of GDP.
Question 2
If the Federal Reserve raises interest rates in an autonomous tightening ________.
A) the MP curve shifts up, there is an upward movement along the IS curve, and the AD curve shifts to the left to a lower level of equilibrium output
B) the MP curve shifts down, there is a downward movement along the IS curve and the AD curve shifts to the right to a higher level of equilibrium output
C) the MP curve shifts up, there is a downward movement along the IS curve and the AD curve shifts to the right to a lower level of equilibrium output
D) the MP curve shifts down, there is an upward movement along the IS curve and the AD curve shifts to the left to a higher level of equilibrium output
E) none of the above
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