The NBER describes a recession as A) a decrease in the ...

[RYAN BANYAN]

The NBER describes a recession as
 
  A) a decrease in the standard of living for at least one year.
  B) a decrease in potential GDP for at least six months.
  C) a one year period with increases in the unemployment rate.
  D) a period of significant decline in total output, income, employment, and trade, usually lasting from six months to a year.
  E) a decrease in real GDP for two successive quarters.

Question 2

The above figure shows the market for game day t-shirts. If the price of t-shirts is 10, then
 
  A) there is a surplus and the price of t-shirts will fall.
  B) there is a shortage and the price of t-shirts will fall.
  C) there is a shortage and the price of t-shirts will rise.
  D) there is a surplus and the price of t-shirts will rise.
  E) the market is in equilibrium.

[sokh]

Answer to Question 1

D

Answer to Question 2

E