1.Since 1960, real GDP has fluctuated to some extent; however, there has been virtually nooverall growth when the entire time span is considered.a. Trueb. False2.During recessions, outputa. and unemployment both fallb. and unemployment both risec. rises, but unemployment fallsd. falls, but unemployment risese. rises and unemployment remains constant.3.You are reading a newspaper article that refers to expansions and contractions in theeconomy. The references point toa. wage ratesb. inflation ratesc.movements in exchange ratesd. Business cyclese. investment expectations4.An economic expansion reflectsa. any movement from disequilibrium to a new equilibriumb. the increase in output and decrease in employment level following a recessionthe increase in output and employment levels following a recessiond. the rising wage rates that follow economic instabilityC.c. instability in govermment tax revenues,

2) Recession refers to a massive decrease in economic activities, which is usually caused by…

Answered: 2. During recessions, output a and…

2. During recessions, output a and unemployment both fall b. and unemployment both rise c. rises, but unemployment falls d. falls, but unemployment rises e. rises and unemployment remains constant.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter20: Unemployment

Section: Chapter Questions

Problem 2PA

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