In Terms of the Decline in Real GDP,the 2008-09 Recession

question 135

Multiple Choice

In terms of the decline in real GDP,the 2008-09 recession was

• A)eight times less severe than the Great Depression.
• B)eight times more severe than the Great Depression.
• C)the same as the Great Depression.
• D)20 times more severe than the Great Depression.
• E)None of these

Understand how attitude strength and clarity predict behavior.

Acquire knowledge on methods to resist persuasion, such as attitude inoculation.

Realize the role of perceived social norms and self-presentation on behavior and confessions.

Grasp the theory of planned behavior and the prototype/willingness model for predicting health behaviors.

---

Definitions:

Variable Factors

Inputs to production that can be adjusted in the short run, such as labor and raw materials.

Fixed Costs

Costs that do not change with the level of production or sales, such as rent, salaries, or insurance, and must be paid regardless of business activity.

Industry Supply Curve

The industry supply curve represents the total quantity of goods that producers in a market are willing and able to sell at different prices, assuming all other factors constant.

Output

The cumulative production of goods or services by a corporation, industry, or the entire economy.