Economists usually use the term "recession" to refer to:
a. any slowdown in the growth of real GDP
b. zero real GDP growth.
c. two or more consecutive quarters of declining real GDP.
d. a reduction in nominal GDP lasting more than six months.
c
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Suppose the government increases unemployment benefits, which are paid for with higher taxes on earnings. If the marginal propensity to consume is the same for both the beneficiaries of the unemployment benefits and the workers paying taxes, _____. a. GDP will first increase and then fall. b. There will be no change in real GDP. c. Real GDP will increase substantially. d. Real GDP will fall
substantially. e. GDP will first fall and then increase.
When the Environmental Protection Agency (EPA) assigns one emission standard to a particular group of plants, this is called
a. monopoly b. positive externalities c. a pollution compensation tax d. the bubble concept e. a municipal ordinance