ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Touches the Trend
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In-Line with Trend
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Above the Trend
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Below the Trend
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Detailed explanation-1: -U.S. gnp for 2021 was $23, 539.92B, a 9.83% increase from 2020. U.S. gnp for 2020 was $21, 432.32B, a 1.29% decline from 2019. U.S. gnp for 2019 was $21, 713.40B, a 4.69% increase from 2018. U.S. gnp for 2018 was $20, 739.77B, a 7.71% increase from 2017.
Detailed explanation-2: -In particular, a recession is usually associated with a decline of 2 percent in GDP. In the case of severe recessions, the typical output cost is close to 5 percent. The fall in consumption is often small, but both industrial production and investment register much larger declines than that in GDP.
Detailed explanation-3: -A recession is a significant, widespread, and prolonged downturn in economic activity. A common rule of thumb is that two consecutive quarters of negative gross domestic product (GDP) growth mean recession, although more complex formulas are also used.
Detailed explanation-4: -A recession is a trend of simultaneously slowing business and consumer activity, leading to negative growth as measured by gross domestic product (GDP) and other data series, such as the unemployment rate, wage growth, and the like.