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:

Equivalent Units

A concept used in cost accounting to express the amount of work or materials in terms of fully completed units of output.

Conversion

The process of changing the physical or chemical properties of a material or resource into a new form, often referring to the manufacturing phase where raw materials are transformed into finished goods.

Processing Department

A processing department is a specific division or section within a manufacturing facility where a distinct stage of production is completed, often part of a sequential process in producing a finished good.

Completed

refers to goods or products that have undergone all stages of production and are ready for sale or distribution.