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Chapter 19: Q. 6 (page 470)

According to Table 19.7, how long has the average recession lasted since the end of World War II?

Short Answer

Expert verified

The average recession lasted for an average duration of 11months since the end of World War II.

Step by step solution

01

Step 1. Introduction

Table 19.7lists the pattern of recessions and expansions in the U.S. economy since role="math" localid="1646679595159" 1900.

The table lists the "Months of Contraction" for each recession.

02

Step 2. Explanation

We must take an average of the months of expansion since the end of World War II i.e., from 1949to 2001.

Average Contraction=11+10+8+10+11+16+6+16+8+810

=10.4months or slightly less than a year.

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Most popular questions from this chapter

What does GDP not tell us about the economy?

Why must you avoid double counting when

measuring GDP?

Which of the following are included in GDP, and which are not?

  1. The cost of hospital stays
  2. The rise in life expectancy over time
  3. Child care provided by a licensed day care center
  4. Child care provided by a grandmother
  5. A used car sale.
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What are the two main difficulties that arise in

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