The NBER describes a recession as
A) "a decrease in the standard of living for at least one year."
B) "a decrease in potential GDP for at least six months."
C) "a one year period with increases in the unemployment rate."
D) "a period of significant decline in total output, income, employment, and trade, usually lasting from six months to a year."
E) "a decrease in real GDP for two successive quarters."
D
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Two components of labor are:
A) residential location and education. B) natural ability and human capital. C) money and financial wealth. D) ingenuity and job-specific machinery.
Consumer surplus is
A) the total difference between the total amount that consumers actually pay for an item and the total amount that they would have been willing to pay. B) the total difference between the total costs firms incur in producing an item and the utility consumers derive from purchasing the item. C) the total difference between the total amount that consumers would have been willing to pay for an item and the total amount that they actually pay. D) the total difference between the utility consumers derive from purchasing an item and the total costs firms incur in producing the item.