In 2001, Costa Rican real GDP grew by 5 percent, well above the 2.5 percent trend line of its long-run annual average economic growth rate. In all probability, Costa Rica was in its ________ phase of the business cycle
a. recession
b. recovery
c. downturn
d. prosperity
e. trough
D
You might also like to view...
If unemployment equals the natural unemployment rate, then there
A) is zero unemployment. B) is only frictional or structural unemployment. C) are no job openings existing at the time. D) is less than full employment.
The tax cuts of 2008 and 2009 reduced the disposable income of U.S. consumers
a. True b. False Indicate whether the statement is true or false
Economic models start with the assumption of
a. exogenous prices. b. the laws of supply and demand. c. equilibrium. d. rational behavior.
The U.S. GDP includes
A. wine harvested and bottled in California. B. increases in the divorce rate. C. time spent studying for an exam. D. the exchange of four shirts for four skirts at a consignment store.