A general rule is that the economy is experiencing a recession when:
a. real GDP declines for at least six months.
b. real GDP declines for at least three months.
c. real GDP declines for at least nine months.
d. nominal GDP declines for at least nine months.
a
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The unemployment rate measures the percentage of
A) people who want full-time jobs, but can't find them. B) the working-age population who can't find a job. C) people in the labor force who can't find a job. D) the working-age population that can't find a full-time job. E) employed people who can't find a job.
The price of oranges falls. What happens in the market for apples, which are a substitute for oranges?
A) The equilibrium price falls and the equilibrium quantity rises. B) The equilibrium price rises and the equilibrium quantity falls. C) The equilibrium price and quantity rise. D) The equilibrium price and quantity fall.