Refer to the above figure. Point B is known as
A. a peak.
B. a recession.
C. an expansion.
D. a contraction.
Answer: B
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According to Okun's Law, if the unemployment rate is 7 percent and the natural unemployment rate is 5 percent, potential GDP is ________ than real GDP
A) 2 percent greater B) 7 percent less C) 2 percent less D) 4 percent less E) 4 percent greater
Refer to Figure 10-6. A change in income is shown in
A) Panel A. B) Panel B. C) Panel C. D) none of the above panels.
Of the four effects on interest rates from an increase in the money supply, the initial effect is, generally, the
A) income effect. B) liquidity effect. C) price level effect. D) expected inflation effect.
Equilibrium quantity must decrease when demand
a. increases and supply does not change, when demand does not change and supply decreases, and when both demand and supply decrease. b. increases and supply does not change, when demand does not change and supply increases, and when both demand and supply decrease. c. decreases and supply does not change, when demand does not change and supply increases, and when both demand and supply decrease. d. decreases and supply does not change, when demand does not change and supply decreases, and when both demand and supply decrease.