When deciding whether the economy has entered an economic recession, the NBER's Business Cycle Dating Committee examines and compares the behavior of various measures of broad activity
The measures the committee focuses on include all of the following except A) real GDP measured on the product and income sides.
B) production data for specific, individual industries.
C) economy-wide employment.
D) real income.
B
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Susan Clark would like to work forty hours per week, but can only find twenty hours per week of work. In the official employment statistics, Susan is classified as:
A. out of the labor force. B. unemployed. C. underemployed. D. employed.
The duration of an expansion is measured from:
A. peak to peak. B. peak to trough. C. trough to trough. D. trough to peak.
Economists typically measure efficiency using
a. the price paid by buyers. b. the quantity supplied by sellers. c. total surplus. d. profits to firms.
By raising or lowering the _______, the Fed changes the cost of money for banks, which impacts the incentive to borrow reserves.A. Reserve ratio B. Discount rate C. Money multiplier D. Yield
A. Reserve ratio B. Discount rate C. Money multiplier D. Yield