Economists usually use the term "recession" to refer to:
A. any slowdown in the growth of real GDP.
B. zero real GDP growth.
C. two or more consecutive quarters of declining real GDP.
D. a reduction in nominal GDP lasting more than six months.
Answer: C
You might also like to view...
A result of selling concert tickets cheaply, that is below the equilibrium price, will be that
a. only those with nothing else to do will wait in line to buy a ticket. b. ticket buyers' benefits increase, at the expense of the performers. c. the costs associated with competition among buyers for the limited number of tickets will create deadweight losses. d. more tickets will be sold than if the price were at the market equilibrium.
Predicting business cycles is difficult because
A) they are very persistent. B) the weather changes unpredictably. C) statistics lie. D) their frequency is irregular.
When the price faced by a competitive firm was $5, the firm produced nothing in the short run. However, when the price rose to $10, the firm produced 100 tons of output. From this we can infer that
A) the firm's marginal cost curve must be flat. B) the firm's marginal costs of production never fall below $5. C) the firm's average cost of production was less than $10. D) the firm's total cost of producing 100 tons is less than $1000. E) the minimum value of the firm's average variable cost lies between $5 and $10.
A productive efficient society
A) produces at a point on its PPF. B) can produce more of one good only by giving up some of another good. C) cannot produce unlimited amounts of a good. D) still has to make choices. E) all of the above