A recession is a period when
a. output growth is negative for two consecutive quarters
b. actual output falls below potential output and the rate of unemployment falls below the high- employment benchmark.
c. unemployment reaches 10 percent for an extended period of time.
d. actual output falls below potential output and the rate of unemployment rises above the high-employment benchmark..
D
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The following table contains information regarding price and output for a firm. For each point except the first, calculate the elasticity between it and the point above. Price Quantity Elasticity $7 10 _____ 6 20 _____ 5 30 _____ 4 40 _____ 3 50 _____ 2 60 _____ 1 70 _____
What will be an ideal response?
Describe the effects of the Smoot-Hawley tariff imposed by the United States in 1930
What will be an ideal response?
The study of how people (or firms) behave in strategic situations is called:
A. cost-benefit analysis. B. recursive analysis. C. normative economics. D. game theory.
More than one in four African-Americans lives in poverty.
Answer the following statement true (T) or false (F)