The Great Recession Was Different from Other Recessions Since World

question 76

Multiple Choice

The Great Recession was different from other recessions since World War II in that:

• A) real gross domestic product (GDP) initially declined and then recovered sometime later.
• B) the trade deficit was largely unaffected.
• C) the rate of unemployment increased and then decreased at a later time.
• D) the decline in real GDP was much larger and lasted longer.
• E) the economy did not return to normal for at least one year.

---

Definitions:

Oligopolistic Firm

A company that operates in an oligopoly, a market structure characterized by a small number of firms dominating the industry.

Price Policy

The strategic approach adopted by a company or government to set the price of goods or services, often aiming at achieving specific economic objectives.

Homogeneous Oligopolist

A firm that is part of an oligopoly in which the products offered by the competing firms are largely identical or very similar in nature.

Highly Concentrated Industry

An industry characterized by a small number of companies holding a large market share, which can lead to reduced competition and higher prices.