Declining real GDP for two quarters in a row is often called a recession

Suppose that, for example in India, a minimum wage is instituted in the modern sector above the market clearing wage, while the rural traditional wage is market determined at a lower level than in the modern sector

(a) Describe the impact of this policy on the rural labor force, urban unemployment, and the rural wage. (b) Will the modern sector wage be equal to the traditional sector wage after markets equilibrate through migration? Explain. (c) What effect might moving costs have on the equilibrium you described in part (b)? (d) What effect might the introduction of factories to rural areas have no the equilibrium you described in part (b)?

Comparing the distribution of wealth of the wealthiest 1% of the population in the United States before and after the recent Great Recession to what occurred before and after the Great Depression,

A) the percentage of the wealth of the wealthiest 1% increased after the recent Great Recession, unlike what happened after the Great Depression B) the percentage of the wealth of the wealthiest 1% increased after the recent Great Recession, similar to what happened after the Great Depression. C) the percentage of the wealth of the wealthiest 1% declined after the recent Great Recession, unlike what happened after the Great Depression. D) the percentage of the wealth of the wealthiest 1% declined after the recent Great Recession, similar to what happened after the Great Depression.