Some call the Great Recession the:
A. period of high inflation that took place in the early 1970s.
B. period of economic stagnation that took place in the early 1990s.
C. recession that began in 2007 due to the decline in consumer spending when the housing bubble burst.
D. period when the economy does not grow for four consecutive quarters.
Answer: C
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What is measured on the horizontal axis of the aggregate demand/aggregate supply model?
A) real wealth B) real Gross Domestic Product (GDP) C) prices D) nominal income
A downward shift of the planned expenditure curve resulting from an increase in the price level corresponds to
A) a movement up along the aggregate demand curve. B) a movement down along the aggregate demand curve. C) an increase in aggregate demand. D) a decrease in aggregate demand.
GDP counts:
A. only final goods and services, because otherwise certain things would be double-counted and the GDP would be overestimated. B. only intermediate goods and services, because those are easier to track. C. both intermediate and final goods and services because it is important to capture all values, regardless of which market they take place in. D. all values that are reported to the government.
Private costs are those borne by: a. the government
b. the producer of an item. c. both an item's producer and outside parties affected by a negative externality. d. outside parties affected by a negative externality.