A decline in real GDP for at least two consecutive quarters is referred to as:
a) Inflation.
b) A recession.
c) Deflation.
d) A depression.
Answer: b) A recession.
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In the determination of production of goods or services with respect to GDP, transfer payments are included
Indicate whether the statement is true or false
Technology is now being developed so that road use can be priced by computer. A computer in the surface of the road picks up a signal from your car and automatically charges you for the use of the road. How would this affect bottlenecks and rush-hour congestion?
A. It would decrease bottlenecks and rush-hour congestion. B. It would decrease bottlenecks but increase rush-hour congestion. C. It would increase bottlenecks and rush-hour congestion. D. It would increase bottlenecks but decrease rush-hour congestion.