For each item shown below, identify whether it increases or decreased during a recession. a. GDP b. consumer spending c. retail sales d. home sales e. employment
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For each item shown below, identify whether it increases or decreased during a recession.
a.
b. consumer spending
c. retail sales
d. home sales
e. employment
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- H6. Fill in the blank: An economy is in a recession if ____________ falls over two quarters (six months). Select one: a. nominal GDP b. real GDP c. gross national happiness d. the unemployment rateA recession will occur if an economy’s actual GDP ____ its potential GDP. a. rises above b. equals c. grows faster than d. falls belowHow does the decline in real personal income compare today with prior recessions?
- 1) Explain how GDP is used in the calculation of a recession or economic growth. What is a recession? How do you know whether an economy is growing or not? 2) Explain why intermediate goods are not counted in the calculation of GDP. What is an intermediate good?Recessions hit parts of the economy differently. What part of the economy is usually hurt the most during a recession? Durable goods. Non-durable goods Consumer non-durable goods Consumer services like dentist appointmentsIn an economy, people like to eat and spend for restaurant foods. This change in behavior causes ______________________ in GDP. Select one: a. Increases b. Stable c. Unchanged d. Decreases
- Please explain the relationships between income, consumption, savings, and GDP. Define each one. Explain the relationship between these items.What is the term for the total value of goods and services produced within a country's borders in a given year? A. Gross national product (GNP) B. Gross domestic product (GDP) C. Net exports D. Aggregate demandWhat is the U.S. GDP for the 1st quarter of 2017?
- GDP and the Measurement of Progress _ Ask FRED The accompanying graph depicts quarterly Real GDP in the United States. Real GDP is measured irn billions of dollars. ALFRED I 17,200 16,800 O 16,400 16,000 o 15,600 15,200 6 14,800 14,400 14,000 13,600 2006 2008 2010 2012 2014 2016 Source: U.S. Bureau of Economic Analysis a. What was the highest level of real GDP prior to the last recession? Enter your answer in billions of dollars and round your answer to one place after the decimal. billionWhich of the following variables falls when the national economy enters a recession? (choose all that apply) Unemployment O Nonfarm payrolls Michigan's economic output InflationUsing real GDP data without seasonal adjustment, a student said, “The US real GDP declined by 3% in Quarter 1 from Quarter 4 last year. It falls by 3% in just one quarter! It must be a serious recession.” Critically comment on this statement.
