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Chapter 6: Q. 5 (page 160)

According to Table 6.7, how often have recessions occurred since the end of World War II (1945)?

Short Answer

Expert verified

A recession is a period of decline in economic performance in an economy lasting several months.

Step by step solution

01

Step 1. Given Information

Table 6.7

02

Step 2. Description

A recession is a period of decline in economic performance in an economy lasting several months. recessions in approximately 70 years averages about one recession every six years.

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Most popular questions from this chapter

Explain briefly whether each of the following would cause GDP to overstate or understate the degree of change

in the broad standard of living.

a. The environment becomes dirtier

b. The crime rate declines

c. A greater variety of goods become available to consumers

d. Infant mortality declines

Without looking at Table 6.7, return to Figure 6.10. If we define a recession as a significant decline in national

output, can you identify any post-1960 recessions in addition to the 2008-2009 recession? (This requires a judgment

call.)

Fig. 6.10

What are the main components of measuring GDP

with what is produced?

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

a. The cost of hospital stays

b. The rise in life expectancy over time

c. Child care provided by a licensed day care center

d. Child care provided by a grandmother

e. A used car sale

f. A new car sale

g. The greater variety of cheese available in supermarkets

h. The iron that goes into the steel that goes into a refrigerator bought by a consumer.

Using data from Table 6.5 how much of the nominal GDP growth from 1980 to 1990 was real GDP and how much was inflation?
See all solutions

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