The Business Cycle Dating Committee defines a recession as
A) a significant decline in activity visible in industrial production, employment, real income, and wholesale/retail trade lasting more than a few months.
B) two consecutive quarters of declining real GDP.
C) a significant decline in inflation and unemployment lasting more than a few months.
D) two consecutive quarters of declining nominal GDP.
A
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In the long run, the real interest rate is 3 percent, real GDP grows at 4 percent, velocity is constant, and the quantity of money grows at 6 percent. The nominal interest rate is
A) 3 percent. B) 10 percent. C) 5 percent. D) 6 percent. E) 4 percent.
Holding $10 in your pocket to purchase a piping hot pizza illustrates the
A) speculative demand for money. B) transfer demand for money. C) precautionary demand for money. D) transactions demand for money.