Examlex
The tendency for people to hold on to their beliefs-even when their beliefs are discredited by compelling evidence-is known as ____.
Recession
A significant decline in economic activity spread across the economy, lasting more than a few months, visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.
Purchasing Power Parity Theory
An economic theory that states that exchange rates between currencies are in equilibrium when their purchasing power is the same in each of the two countries.
Market Basket
A fixed set of goods and services used to monitor changes in price levels and purchasing power over time, often used in calculating inflation.
Exchange Rate
The price at which one country's currency can be exchanged for another country's currency.
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