A recession is commonly defined as occurring when
A) real GDP decreases for a period of 12 or more months.
B) real GDP decreases for a period of 6 or more months.
C) the unemployment rate rises above 7.5 percent for 6 or more months.
D) the unemployment rate rises above 5.0 percent for 12 or more months.
B
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If the least wealthy person in a society has millions of dollars, should we still consider that person poor?
What will be an ideal response?
The primary problem with entitlements, from a budgetary perspective, is that _____
a. expenditures are much harder to control than for non-entitlements b. they add to the uncertainty of the budgetary process because it is difficult to predict how many individuals will be eligible c. it is impossible to control spending on entitlements once created d. a and b e. all of the above
Free trade is ________, because it ________ the size of the pie available to the economy.
A. efficient; increases B. inefficient; increases C. efficient; decreases D. inefficient; decreases
If the Japanese government enters the foreign exchange market and sells yen to attain a specific exchange rate with the dollar, the dollar will ________ and the yen will ________.
A. depreciate; depreciate B. depreciate; appreciate C. appreciate; depreciate D. appreciate; appreciate