The Following Data Give the Dates of Successive Turning Points

question 40

Multiple Choice

The following data give the dates of successive turning points in U.S.economic activity and the corresponding levels of real GDP at the time. $$\begin{array} { c c c } \text { Turning Point } & \text { Date } & \text { Real GDP } \\&&\text { (1996 } \$ \text { billions) }\\\text { (A) } & \text { July } 1953 & 1992.2 \\\text { (B) } & \text { May } 1954 & 1941.0 \\\text { (C) } & \text { Apr. } 1957 & 2182.7 \\\text { (D) } & \text { Apr. } 1958 & 2117.4 \\\text { (E) } & \text { Apr. } 1960 & 2391.0\end{array}$$
Which of the following periods was a recession?

• A)July 1953 through May 1954
• B)May 1954 through April 1957
• C)July 1953 through April 1957
• D)May 1954 through April 1958

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Definitions:

Nash Equilibria

A concept in game theory describing a situation where no player can gain by unilaterally changing their strategy if the strategies of the other players remain unchanged.

Noncooperative Games

Noncooperative games are scenarios in game theory where players make decisions independently, without collaboration, often under the assumption that every participant is trying to maximize their own gain without concern for others' outcomes.

Behavioral Game Theory

An extension of game theory that incorporates insights from psychology to understand decisions in strategic situations where players interact.

Behavioral Economics

A field of study blending insights from psychology and economics to explore how individuals actually make decisions, often in ways that deviate from rational expectations.