Author Question: If the gross domestic product (GDP) has dropped for two consecutive quarters, the economy is said to ... (Read 100 times)

newyorker26 · **on:** Jul 9, 2018

If the gross domestic product (GDP) has dropped for two consecutive quarters, the economy is said to be in

a. inflation.
b. deflation.
c. recession.
d. depression.

Question 2

Which of the following best defines the term gross domestic product?

a. The average standard of living per capita
b. The change in prices over time of a standard market basket
c. The output of the goods and services produced by labor
d. The unemployed as a percent of the labor force