Economists usually use the term "recession" to refer to:
a. any slowdown in the growth of real GDP
b. zero real GDP growth.
c. two or more consecutive quarters of declining real GDP.
d. a reduction in nominal GDP lasting more than six months.
c
You might also like to view...
The disruption to financial markets starting in August 2007 that caused both consumer and business spending to fall
A) shifted the aggregate demand curve to the right. B) shifted the aggregate demand curve to the left. C) shifted the aggregate supply curve to the right. D) shifted the aggregate supply curve to the left.
Characteristics that enable an item to serve well as money include each of the following, except ________
A) durable B) abundant C) divisible D) portable E) verifiable
Which of the following goods is likely to have the most elastic demand over the relevant range of prices?
a. insulin b. eggs c. milk d. Pepsi Cola e. gasoline
A sharp rise in the price of oil from the fall of 2007 to the summer of 2008 led to a decline in the demand for large cars. This decline in demand for an output,
A. led to a decline in the derived demand for autoworkers. B. led to a increase in the derived demand for autoworkers. C. had no impact on the derived demand for autoworkers.