In the First Quarter of 2009, Real GDP Was $1292

question 36

True/False

In the first quarter of 2009, real GDP was $1292 billion and potential GDP was $1331 billion (both measured in 2002 dollars). This was a recessionary gap.

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Definitions:

Study of Economics

The academic discipline that examines how individuals, businesses, governments, and nations make choices on allocating resources to satisfy their wants and needs.

Basic Truth

A fundamental, unquestionable fact or principle that serves as the foundation for a concept or belief system.

Economic Self-Interest

is a principle suggesting that individuals act in a way that maximizes their own benefits or gains, often driving economic decisions and actions.

Economic Behavior

The actions or decisions that individuals, households, businesses, and governments make in regard to the allocation of resources.