In the short run, the decrease in consumption spending associated with the housing market contraction causes the price level to the price level people expected and the quantity of output to the natural level of output. the housing market slump will cause the unemployment rate to the natural rate of unemployment in the short run.

Match the following items 1. formed by theodore roosevelt in 1912 2. republican president 3. a person who currently holds an office 4. democratic president 5. formed by ross perot in 1992 6. to yield or surrender; admit or acknowledge options; a. jimmy carter b. dwight d. eisenhower c.bull moose party d. united we stand party e. concede f. incumbent