A general rule is that the economy is experiencing a recession when:
a. real GDP declines for at least six months.
b. real GDP declines for at least three months.
c. real GDP declines for at least nine months.
d. nominal GDP declines for at least nine months.
a
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Assume that the real GDP of a developing nation increases from $120 billion to $140 billion while its population expands from 100 to 110 million. As a result, real GDP per capita has increased by about ________.
A. $64 per person B. $88 per person C. $72 per person D. $56 per person
Refer to Figure 4.1. Theodore's available strategies include
A) top and bottom. B) up and down. C) left and right. D) all of the above
On average, if demand is unknown and costs of underpricing are _______ than the costs of overpricing, then err on the side of_________
a. Smaller; overpricing b. Smaller; underpricing c. Larger; underpricing d. None of the above
According to the quantity theory of money:
a. the velocity of money is highly variable. b. the money supply directly affects real GDP. c. the money supply inversely affects velocity. d. real GDP increases as the price level increases. e. P = MV/Q.