If the wage increases of “job switchers” moved far above the wage increases of “job stayers,” we would say that the labor market is ___.

In Fed Chair Powell’s FOMC press conference, Powell suggested that the fact that we have had higher inflation in recent years ___ the possibility that new tariffs could result in higher inflation expectations.

Investors would think that stocks are more expensive if the earnings yield is ___ rather than ___.

Corporate taxes are considered to be a ___ form of taxation.

If falling stock prices result in lower spending by households, this is most commonly referred to as ___.

Howard Marks seems to believe that the Fed and the Treasury department are ___ at handling crises than they were 20 – 35 years ago.

Howard Marks believes that the difficulty in marking private credit “to-market” makes private credit appear ___ volatile than it actually is.

The Fed publication that contains anecdotal evidence about the economy from the 12 Federal Reserve districts is known as ___.

You have a very contrarian view (different than the consensus opinion of the market). You believe that US interest rates will increase significantly in the next year (to 10%) and will be much higher than rates in the rest of the developed world. If this happens, you should expect the dollar to ___.

In normal times (with no recession), an investor would expect to earn higher returns by investing in a ___ fund than in a ___ fund.