A recession is commonly defined as a period with
A) negative growth rate in real GDP that lasts at least one quarter.
B) positive growth rate in real GDP that lasts at least one quarter.
C) positive growth rate in real GDP that lasts at least two quarters.
D) negative growth rate in real GDP that lasts at least two quarters.
D
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An explanation for the slowdown in U.S. productivity growth in the 1973-1995 period was higher oil prices caused by
a. the CIA. b. the WTO. c. the IMF. d. OPEC.
Andy does not bother to lock the door to his house because he has theft insurance. This is an example of:
A. a positive spillover. B. moral hazard. C. adverse selection. D. irrational behavior.
The National Labor Relations Act (Wagner Act)
A) prohibited the creation of company unions. B) guaranteed workers the right to organize. C) set the minimum wage at $5.15 an hour. D) set the length of the workweek at 40 hours.
If a price ceiling is set above the equilibrium price,
A. there will be a shortage. B. there will be a surplus. C. demand will be less than supply. D. quantity demanded will equal quantity supplied.