How Does StatsCan Define a Recession

question 116

Multiple Choice

How does StatsCan define a recession?

• A)A decline in real GDP during one quarter.
• B)A decline in real GDP over two consecutive quarters.
• C)An unemployment rate in excess of 8% along with a decline in GDP.
• D)A decline in nominal GDP over one quarter.
• E)An unemployment rate in excess of 8%.

Recognize the principles of ratification and estoppel in agency relationships.

Understand the applications and limitations of the concept of limited liability in business organizations.

Understand the concept and implications of the production possibility frontier (PPF) and its shape.

Recognize the effects of economic decisions and external factors on the production possibility frontier.

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Definitions:

Model

A representation, usually in smaller scale or simpler terms, used to explain, control, or predict more complex phenomena.

Muscle Contraction Headache

A headache caused by the narrowing of muscles surrounding the skull. Also known as tension headache.

Migraine Headache

A very severe headache that occurs on one side of the head, often preceded by a warning sensation and sometimes accompanied by dizziness, nausea, or vomiting.

Pain

A distressing sensation and emotional reaction linked to real or possible harm to the body's tissues.