8. Explain the effects of a global recession on the U.S. macroeconomic equilibrium in the short run.

Question:

8. Explain the effects of a global recession on the U.S. macroeconomic equilibrium in the short run. Explain the adjustment process that restores the economy to full employment.

Use the following information to work Problems 9 and 10.

House GOP changes course on infrastructure House Republicans abandoned plans to slash U.S. infrastructure spending and now say they are trying to find ways to pay for a multiyear highway-construction program, which will exceed $300 billion.

Source: The Wall Street Journal, September 30, 2011

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