The textbook defines a recession as this.
What are two quarters of negative GDP??
It is the shrinking of this group in a post-Covid that has been a major factor to the recent fall of the unemployment rate to under 4%?
What is the civilian labor force?
It is also referred to as the Great Lockdown, caused by the the global pandemic. In the US, this began in February 2020 and lasted just two months, the shortest in American history.
What is the Covid recession?
Term used to describe when price changes on these items, demand doesn't fluctuate much because these items are required in the everyday lives of most. Examples include gasoline, necessary foods, and prescription drugs.
What is inelastic demand?
This would be employed by a central bank seeking to cure unanticipated and accelerating inflation.
What is restrictive/tight monetary policy?
(What is an increase in interest rates?)
Most economists consider the lack of this in calculating the CPI to be a major flaw.
What is the substitution effect?
(500 Jeopardy points yes ... not on final)
It is a stock market barometer of 30 prominent companies listed on stock exchanges in the United States
What is the Dow (or the Dow Jones Industrial Average or the DJIA)?