The Increasing Importance of Services and Declining Importance of Goods

question 76

Multiple Choice

The increasing importance of services and declining importance of goods since 1950 can help explain

• A) why Canada has only experienced one recession since 1950.
• B) the severity of the 2007-2009 recession.
• C) the increase in the gap between potential GDP and real GDP.
• D) the decrease in severity of business cycle fluctuations.

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Definitions:

Truth Values

The status of propositions in logic, indicating whether they are true, false, or, in some logics, other values such as "unknown."

Truth Table

A computational tool in logic, designed as a table, which assesses the values of logical expressions on their respective functional arguments.

Atomic Sentences

Simple sentences that contain no logical connectors or quantifiers and state a fact about a single entity or a relationship between entities.

Truth Values

In logic, the attribution of truth or falsity to a proposition, typically represented as true (T) or false (F).