A Standard Definition of Recession Is

question 219

Multiple Choice

A standard definition of recession is

• A)a period of expansion in many sectors of the economy.
• B)an increase in GDP that lasts for at least 6 months.
• C)a decrease in GDP that lasts for at least 6 months.
• D)an increase in unemployment from one month to the next.
• E)a period of time when the unemployment rate exceeds 6.5 percent.

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Definitions:

Social Influence

The effect that the words, actions, or mere presence of other people have on our beliefs, feelings, attitudes, or behavior.

Heuristic-Systematic Model

A dual-process theory of persuasion that suggests there are two ways people process information: through heuristics (quick, automatic thinking) and systematically (deep, thoughtful analysis).

Systematic Processing

A mode of thinking in which individuals take a more analytical and comprehensive path to evaluating information, as opposed to relying on general impressions.

Disconfirmation Bias

The tendency to notice, refute and regard as weak, arguments that contradict our prior beliefs.