As a general rule, a recession occurs when there is a six consecutive month fall in:

An increased equilibrium price and a decreased equilibrium quantity results from a(an):

a. decrease in demand. b. increase in supply. c. decrease in supply. d. increase in demand.

Events of the 1970s and early 1980s showed that

A) the Phillips curve presents policymakers with a stable menu of choices. B) cycles of unemployment and inflation rates appear to have gravitated around a 6 percent unemployment rate. C) lower inflation rates are consistently accompanied by higher unemployment rates. D) a tradeoff between inflation and unemployment may not always exist. E) a and c