The NBER's Business Cycle Dating Committee defines a recession as at least two consecutive quarters of falling real GDP
Indicate whether the statement is true or false
FALSE
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The clear winners from the quota are the ________, and the losers are the______. 
A. domestic producers; domestic consumers B. domestic consumers; domestic producers C. government; domestic consumers D. importers; domestic producers
According to the law of increasing costs, as the United States expends more of its resources on reducing air pollution,
A. the quantity of other goods that must be given up for further reductions in air pollution will decrease. B. the quantity of other goods that must be given up for further reductions in air pollution will increase. C. the social cost of additional air pollution will increase. D. there will be no change in the marginal cost of reducing air pollution.
Last year the Jones family earned $40,000 . This year their income is $42,000 . In an economy with an inflation rate of 10 percent, which of the following is correct?
a. The Jones' nominal income and real income have both fallen. b. The Jones' nominal income and real income have both risen. c. The Jones' nominal income has increased and their real income has fallen. d. The Jones' nominal income has decreased and their real income has risen.
In the above figure, the opportunity cost of moving from point D to point C is
A. 55 guitars. B. 25 ukuleles. C. 20 guitars. D. 50 ukuleles.