Question

1. A short term downward slope in economic activity results in decreases in output, income, and...

1. A short term downward slope in economic activity results in decreases in output, income, and employment and may lead to a _____________.

a.recession

b. inflation

c. peak

d. none of the above

2. GDP does not include the sale of ________ products since these are not new production.

a. used

b. imported

c. exported

d. all the above

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Answer #1

A period of declining income and increasing unemployment is called recession.

1. a) Recession.

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GDP is the sum of the values of all the produced goods and services within a country. It does not include the goods which has been earlier produced and sold, and again after a period of time is resold by the consumer.

2a) used.

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