What Has Been the Range of the Decline in Real

question 252

Multiple Choice

What has been the range of the decline in real output during recessions in the U.S. between 1950 and 2009?

• A) -0.2 percent to -4.3 percent
• B) -5.1 percent to -9.8 percent
• C) -10.4 percent to -14.6 percent
• D) -15.0 percent to -19.9 percent

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Definitions:

Positive Economics

An approach to economics that seeks to understand and explain the economy as it is, based on factual observations without making normative judgments.

Normative Statements

Opinions or judgments that reflect beliefs about what ought to be rather than statements that can be tested or verified.

Value Judgments

Assessments based on personal views, ethics, or standards rather than objective measures, often influencing decision-making processes.

Policy Issues

Topics or problems that require governmental or organizational decision-making and action for resolution.