A recession is defined as:
a. A fall in real GDP that lasts six months or longer
b. A fall in the natural rate of unemployment
c. A rise in the natural rate of unemployment
d. The minimum point in the business cycle before the recovery phase
a. A fall in real GDP that lasts six months or longer
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Edward lives in England, and he makes a donation of $100,000 dollars to Food for the Poor, a charitable organization in the United States. Edward's donation will be counted as a(n) ________ in England's current account
A) export B) factor payment C) transfer payment D) import
Which component of consumption has a negative or indirect relationship with consumption?
A. Expected future income B. Real income C. Wealth D. Interest rates
In the long run, a monopolistic competitor's price will equal: a. marginal revenue
b. average total cost. c. marginal cost. d. minimum average total cost.
Suppose that businesses and consumers become much more optimistic about the future of the economy. To stabilize output, the Federal Reserve could
a. buy bonds to raise interest rates. b. buy bonds to lower interest rates. c. sell bonds to raise interest rates. d. sell bonds to lower interest rates.