A Decline in Real GDP That Lasts for Two Consecutive

question 162

Multiple Choice

A decline in real GDP that lasts for two consecutive quarters is called a(n) :

• A)economic downsizing
• B)depression
• C)recession
• D)resource divestment
• E)economic regression

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Definitions:

Producer Surplus

The difference between the amount a producer is willing to accept for a good or service and the actual amount received from its sale.

Supply Curve

A graphical representation showing the quantity of a good that producers are willing to supply at different prices.

Producer Surplus

The difference between the amount producers are willing and able to sell a good for and the amount they actually receive.

Equilibrium Price

The price at which the quantity of goods supplied matches the quantity of goods demanded in the market.