The NBER's Business Cycle Dating Committee picks recession dates by looking at many variables, the four most important of which are industrial production, manufacturing and trade sales, nonfarm employment, and real personal income
These variables are known as A) leading indicators.
B) coincident indicators.
C) lagging indicators.
D) recession indicators.
B
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The average number of years of schooling of workers in Argonia has increased. Which of the following is likely to be true if all other variables remain unchanged?
A) The unemployment rate in Argonia is likely to increase. B) The income per worker in Argonia is likely to decrease. C) The efficiency units of labor in Argonia is likely to increase. D) The aggregate price level in Argonia is likely to decrease.
If people expect nominal interest rates to be lower in the future, the expected return to bonds ________, and the demand for money ________
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
Indicate which of the following individuals would be included in the labor force as defined by the Census Bureau
A) a teenager looking for a part-time job B) a man waiting for recall from a layoff C) a woman who has accepted a new job but has not yet begun working D) All of the above would be included in the labor force.
What is the real GDP in year 1 using base year 2?
A) $418. B) $300. C) $360. D) $338.