In Determining the Beginning of Recessions, the NBER Business Cycle

question 108

Multiple Choice

In determining the beginning of recessions, the NBER Business Cycle Dating Committee looks for evidence of decline in:

• A)specific sectors of the economy.
• B)the rate of inflation.
• C)the entire economy.
• D)the stock market.

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Definitions:

Bureaucracy

A type of secondary group designed to perform tasks efficiently, characterized by specialization, technical competence, hierarchy, written rules, impersonality, and formal written communication.

Specialization

The process of focusing on a narrow area of knowledge or skill, often leading to increased efficiency and expertise in that area.

Impersonality

A term describing situations or behaviors that lack personal feelings or emotions, often found in formal organizations or bureaucracies to ensure objectivity.

Social Loafing

The tendency of individuals to exert less effort on a task when they are working in a group than when they are working alone.