A recession is a period during which
a. aggregate demand, production, and unemployment rises.
b. aggregate demand, production, and unemployment falls.
c. aggregate demand, production, and unemployment remain the same.
d. aggregate demand and production rises while unemployment remains the same.
e. aggregate demand and production falls while unemployment rises.
e
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The quantity theory of money and prices rests on the assumption that
A) the minimum wage is constant. B) the velocity of money is constant. C) the nominal interest rate is constant. D) the foreign exchange rate is constant.
The long-run Phillips curve is ________ curve, and moving along the long-run Phillips curve, an increase in the inflation rate is associated with ________ in the natural unemployment rate
A) a downward sloping; no change B) a vertical; no change C) a downward sloping; a decrease D) a horizontal; no change E) an upward sloping; an increase
If a foreign producer sells a good in a country at a lower price than in its home market, this is called
A) a countervailing duty. B) a tariff offset. C) dumping. D) a reverse tariff.
Which of the following income maintenance programs is designed to establish nationwide minimum incomes for the aged, the blind, and the disabled?
A. the food stamps program B. the Old-Age Survivors' and Disability Insurance (OASDI) program C. the Supplemental Security Income (SSI) program D. the Temporary Assistance to Needy Families (TANF) program