A Period Marked by Falling Wages, Falling National Output, and Rising

question 229

True/False

A period marked by falling wages, falling national output, and rising unemployment is called a recession.

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Definitions:

Inward Shift

A movement towards the origin of a supply or demand curve, indicating a decrease in supply or demand for a product.

Production Possibilities Curve

A graph representing the maximum combination of goods and services that can be produced with available resources and technology.

Emigration

The act of leaving one's own country to settle permanently in another.

Occupational Groups

Categories of jobs that involve similar tasks and require similar skills, training, education, or qualifications.