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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

According to Table 6.7, how long has the average recession lasted since the end of World War II?

Why must you avoid double counting when measuring GDP?

Should people typically pay more attention to their

real income or their nominal income? If you choose the latter, why would that make sense in today’s world? Would your answer be the same for the 1970s?

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

In 1980, Denmark had a GDP of \(70 billion

(measured in U.S. dollars) and a population of 5.1

million. In 2000, Denmark had a GDP of \)160 billion (measured in U.S. dollars) and a population of 5.3 million. By what percentage did Denmark’s GDP per capita rise between 1980 and 2000?
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