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Terms in this set (8)A recession is generally characterized by. a. I only c Unemployment measures the percentage of people in the labor force who a. are not working c A college graduate who has worked for 20 hrs per week part time, is not working now and is now searching for her first job is experiencing a.
frictional unemployment a During a times of falling Real GDP we usually see this type of unemployment in the economy a. frictional unemployment d If a worker's nominal income increases by 5% and the inflation rate increases by 3%, how did the worker's real income change? a. it fell by 8% c Which of the following factors would cause demand-pull inflation? a. Increase in the cost of raw materials for firms. b Which of the following groups of people is least likely to be hurt by unanticipated inflation? a. Retirees living on a fixed pension b If a bank charges customers a nominal interest rate of 12% for car loans and expects a 7% inflation rate over the life of the loan, what is the real interest rate? a. -5% b Students also viewedAP Macro MC Review 3 Chapters 26 and 2730 terms donkeybraindoug53 Macro Economics Chapter 30 Questions25 terms Briannazyrek Macro27 (Student Created)25 terms Lynchmi Chapter 2713 terms mayamandava Other sets by this creatorChapter 7,8,9116 terms John_Mauk Bio chap. 4,5,682 terms John_Mauk Biology Chapters 1-3173 terms John_Mauk Math Fall/Winter 201915 terms John_Mauk Other Quizlet setsThe Urinary System CHT 9178 terms tuyen_t_ramosPlus 27 Amendments to the Constitution27 terms ahawley3 USH8 Ch. 4 Study Guide30 terms alexa_acc Human Bio Test Three Chapter Thirteen32 terms mm3478 What is a likely reason for the decrease in real GDP during a recession?GDP declines, and unemployment rates rise because companies lay off workers to reduce costs. At the microeconomic level, firms experience declining margins during a recession. When revenue, whether from sales or investment, declines, firms look to cut their least-efficient activities.
What is happening to real GDP during periods of recession?A recession can be defined as a sustained period of weak or negative growth in real GDP (output) that is accompanied by a significant rise in the unemployment rate. Many other indicators of economic activity are also weak during a recession.
Is a recession a decrease in GDP?A recession is a significant, widespread, and prolonged downturn in economic activity. A common rule of thumb is that two consecutive quarters of negative gross domestic product (GDP) growth mean recession, but many use more complex measures to decide if the economy is in recession.
What can cause the GDP to decline quizlet?GDP will fall if there is a decrease in aggregate demand or a decrease in aggregate supply. CPA-03233: A recession can be caused by: Expansion./During an expansion, real GDP is rising and unemployment is falling. CPA-03246: A period during which real GDP is rising and unemployment is falling is called a(n):
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What is a likely reason for the decrease in real GDP during a recession quizlet?
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