The NBER describes a recession as
A) "a decrease in the standard of living for at least one year."
B) "a decrease in potential GDP for at least six months."
C) "a one year period with increases in the unemployment rate."
D) "a period of significant decline in total output, income, employment, and trade, usually lasting from six months to a year."
E) "a decrease in real GDP for two successive quarters."
D
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Measures of the Solow residual show it to be
A) strongly procyclical. B) mildly procyclical. C) mildly countercyclical. D) strongly countercyclical.
Total revenue for a firm equals cost times quantity sold by the firm
a. True b. False Indicate whether the statement is true or false
Why is voluntary exchange an important source of economic prosperity?
a. It moves goods from people who value them less to people who value them more. b. It makes it possible to produce a larger output as a result of lower per unit costs that often accompany large-scale production. c. It makes it possible to produce a larger output as a result of gains from division of labor and specialization. d. All of the above are correct.
The only policy lever that is effective against unemployment when the AS curve is vertical is
A. Fiscal policy. B. Monetary policy. C. Laissez faire policy. D. Supply-side policy.