The following data give the dates of successive turning points in U.S. economic activity and the corresponding levels of real GDP at the time.Turning PointDateReal GDP (1996 $ billions)(A)July 19531992.2(B)May 19541941.0(C)Apr. 19572182.7(D)Apr. 19582117.4(E)Apr. 19602391.0 The economy experienced a recession that lasted from:
A. May 1954 to April 1957.
B. May 1954 to April 1958.
C. July 1953 to April 1957.
D. July 1953 to May 1954.
Answer: D
You might also like to view...
What effect would an increase in the price of pork have on the demand for beef?
A) It would decrease the demand for beef. B) It would decrease the demand for beef only if the demand for beef is elastic. C) It would increase the demand for beef. D) It would increase the demand for beef only if the demand for beef is inelastic. E) It would have no effect, because a change in price affects only the quantity demanded, not the demand.
With a change in the money supply, a vertical LM curve shifts a horizontal distance equal to
A) that change. B) that change times velocity. C) that change divided by velocity. D) that change times the simple Keynesian multiplier.
If a huge percentage change in price leads to a small percentage change in quantity demanded, then demand is said to be inelastic
a. True b. False Indicate whether the statement is true or false
If the annual interest rate is 5% (.05), the price of a three-month Treasury bill would be:
A. $95.00 B. $98.79 C. $98.75 D. $97.59