D Question 23 Which of the following best describes the conditions during the Great Depression? O Both real GDP growth and inflation were historically high. O Real GDP growth was high while inflation was negative. O Both real GDP growth and inflation were negative. O Real GDP growth was negative while inflation was very high. DI Question 24 In the AD-AS model, what happens to the economy in the short run when consumer spending decreases? O Inflation is lower, and the real growth rate is higher. O Inflation is higher, and the real growth rate is lower. Inflation is higher, and the real growth rate is higher. O Inflation is lower and the real growth rate is lower. Question 25D Question 25 Since people will always come to expect the actual inflation rate in the long run, the expected inflation rate is found graphically where the: O SRAS curve intersects the LRAS curve. O AD curve intersects the LRAS curve. O LRAS intersects the horizontal axis. O AD curve intersects the SRAS curve. D Question 26 Which statement best describes one of the profound effects of the 1973 oil crisis on the U.S. economy? Gasoline prices fell significantly. Consumer preferences moved away from big cars and toward smaller cars Real GDP growth increased. Employment in car manufacturing firms increased significant]