A recession is a period when
a. output growth is negative for two consecutive quarters
b. actual output falls below potential output and the rate of unemployment falls below the high- employment benchmark.
c. unemployment reaches 10 percent for an extended period of time.
d. actual output falls below potential output and the rate of unemployment rises above the high-employment benchmark..
D
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In the long-run, firms in a monopolistically competitive industry will
a. earn substantial economic profits b. tend to just cover costs, including normal profits c. seek to increase the scale of operations d. seek to reduce the scale of operations
All final goods and services that make up GDP can be expressed in the form:
a. GDP = C + I ? G + (X + M). b. GDP = C + I + G + (X + M). c. GDP = C + I + G + (X ? M). d. GDP = C + I + (X ? M). e. GDP = C + I + G.