C. a high rate of unemployment. D. a sharply rising price level. The term recession refers to A. a period of decline in real GDP for at least six months. B. a fall in the general level of real wages. D. a decrease in potential GDP for two consecutive quarters.
Structural unemployment occurs when A. workers have quit one job and are looking for a better one.
B. high school graduates enter the labor market every June. C. the business cycle is in a downturn and people are laid off. D. the people without jobs have skills that don't match the skills in demand by employers. The Consumer Price Index is used to measure A. changes in the money supply. B. changes in the price of the domestic product.