Recessions are commonly defined to occur
A) whenever unemployment increases.
B) when growth in real GDP decreases for two consecutive quarters.
C) when growth in real GDP is negative for two consecutive quarters.
D) when the unemployment rate exceeds 6 percent.
C
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If a profit-maximizing firm shuts down in the short run, it must be true that before the shutdown, at all positive output levels,
a. average total cost was less than average variable cost b. fixed cost was greater than total revenue c. variable cost was greater than total revenue d. profit was zero e. total cost plus total revenue was less than profit
An example of a price that changes only infrequently is the price of
a. stocks on the New York Stock Exchange. b. crude oil. c. residential real estate. d. magazines sold at newsstands.