Leonard and Jerry Are Both Running for Student Council President

question 14

Multiple Choice

Leonard and Jerry are both running for student council president. According to your textbook, which of the following characteristics might you want to know in order to predict which one is going to win?

• A) Their last names.
• B) Their hair color.
• C) Their eye color.
• D) Their height.

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Definitions:

Prices

The amount of money required to purchase goods or services, representing the value placed on those items.

Wages

Payments made to employees for their labor, typically calculated on an hourly, daily, or piece rate basis, as compensation for work performed.

Recognition Lag

The time delay between when an economic problem or trend occurs and when it is recognized by policymakers or economists.

Recession

A period of significant decline in economic activity across the economy, lasting more than a few months, typically visible in GDP, income, employment, and trade.