In sequential order, the four phases of the business cycle are
A) trough, peak, expansion, contraction.
B) peak, contraction, trough, expansion.
C) expansion, contraction, peak, trough.
D) contraction, trough, peak, expansion.
B
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An increase in the public debt would most likely indicate that
A) national saving has increased. B) the budget deficit has increased. C) the budget deficit has decreased. D) the trade deficit has decreased.
The formula for the slope across an arc is used to approximate the slope for
A) linear relationships only. B) a curved line. C) a positive relationship only. D) a negative relationship only.
Which of the following will not cause an increase in U.S. gross exports?
A. An increase in foreign business investment. B. A decrease in U.S. imports. C. An increase in foreign consumer income. D. An increase in foreign wealth.
Which of the following statements is most accurate about advanced economies?
A. Economies experience a positive growth trend over the short run but experience significant variability in the long run. B. Economies experience a positive growth trend over the long run but experience significant variability in the short run. C. Economies experience positive and stable growth over both the long run and short run. D. Economies experience little long-run growth in output but can experience significant growth in the short run.