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...
Refer to Figure 16-4. In the graph above, suppose the economy is initially at point A. The movement of the economy to point B as shown in the graph illustrates the effect of which of the following policy actions by Congress and the president?
A) an increase in the marginal income tax rate B) an increase in interest rates C) an increase in transfer payments D) an open market purchase of Treasury bills
If, as your taxable income decreases, you pay a smaller percentage of your taxable income in taxes, then the tax is
A) proportional. B) unfair. C) progressive. D) regressive.