As a Rule of Thumb, a Recession Is

question 23

Multiple Choice

As a rule of thumb, a recession is

• A)a fall in real GDP lasting at least one month.
• B)a fall in real GDP lasting at least six months.
• C)said to occur whenever real GDP falls below the long-term trend.
• D)said to occur whenever real GDP falls below the long-term trend for at least one month.
• E)a fall in real GDP lasting at least one year.

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Definitions:

Labor and Capital

Describes the economic and social relationship between workers (labor) and the owners of businesses (capital).

Caesar's Column

A novel by Ignatius L. Donnelly published in 1890, depicting a future society in which inequalities and economic injustices lead to a revolution in the streets of New York City.

Walter Rauschenbusch

A Christian theologian and key figure in the Social Gospel movement, advocating for social reform based on Christian ethics.

Inequality of Wealth

Describes the uneven distribution of assets, money, and resources among individuals or groups within a society.