In Terms of the Decline in Real GDP,the 2008-09 Recession

question 135

Multiple Choice

In terms of the decline in real GDP,the 2008-09 recession was

• A)eight times less severe than the Great Depression.
• B)eight times more severe than the Great Depression.
• C)the same as the Great Depression.
• D)20 times more severe than the Great Depression.
• E)None of these

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Definitions:

Graphing Calculator

An electronic device capable of plotting graphs, solving simultaneous equations, and performing other tasks with variables.

Consumer Surplus

Consumer surplus is the difference between the total amount that consumers are willing to pay for a good or service and the total amount they actually pay, indicating the benefit consumers receive from purchasing at a market price lower than their maximum willingness to pay.

Ice Cream Cones

Frozen dessert treats served in a conical wafer, typically made by filling the cone with scoops of ice cream from one or more flavors.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay, representing a measure of consumer benefit.