Recessions are generally measured as a ________ in ________
A) rise; real GDP
B) fall; real GDP
C) rise; nominal GDP
D) fall, nominal GDP
B
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How do the following affect the equilibrium price in a market?
a. A leftward shift in demand b. A rightward shift in supply c. A large rightward shift in demand and a small rightward shift in supply d. A large leftward shift in supply and a small leftward shift in demand
Explain why selling output at a price below that at which marginal revenue equals marginal cost (MR = MC) might serve to deter entry of a potential competitor
What will be an ideal response?
Economic forecasting has proven no better than the flipping of coins
Indicate whether the statement is true or false
Economic policy that appears to be ideal in an economics textbook may not be the final policy that is approved by elected politicians because
a. sometimes a politician's self interest may conflict with the national interest. b. economics professors have a notoriously low voting rate. c. only policies advocated by the President's Council of Economic Advisors receive enough national attention to interest politicians. d. Economists cannot explain why politicians do not implement the ideas from their textbooks.