Traditionally, a recession defined by declining Real GDP lasts over a period of at least
A. two consecutive calendar years.
B. two consecutive calendar quarters.
C. one calendar year.
D. one calendar quarter.
Answer: B
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If the marginal benefit of the next slice of pizza exceeds the marginal cost, you will
A) eat the slice of pizza. B) not eat the slice of pizza. C) be unable to choose between eating or not eating. D) eat half the slice. E) More information is needed about how much the marginal benefit exceeds the marginal cost to determine if you will or will not eat the slice.
Refer to the figure above. What is the deadweight loss when the market is perfectly competitive?
A) $0 B) $30 C) $45 D) $90
During the colonial period, commodities that could only be exported legally to Britain were known as _______
a. Foxwell goods. b. tariff goods. c. scot-free goods. d. enumerated goods.
Refer to Table 8.1. Assuming the price of labor (L) is $5 per unit and the price of capital (K) is $10 per unit, the marginal cost of producing the third unit of output is A) $30. B) $40. C) $50. D) indeterminate from this information.