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...
An increase in government spending will result in an increase in the price level and an increase in real GDP in the long run
Indicate whether the statement is true or false
Inputs for a business are the goods and services that it sells to its customers.
Answer the following statement true (T) or false (F)
Which of the following is true of disposable income?
What will be an ideal response?
Suppose the market for pizza makers is initially in equilibrium, but then the equilibrium wage rate increased and the equilibrium quantity of labor will decreased. What happened in the market for pizza makers?
A. The demand for pizza makers decreased. B. The supply for pizza makers increased. C. The supply for pizza makers decreased. D. The demand for pizza makers increased.