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Questions and Answers
During which phase of the business cycle is the economy growing, but at a decreasing rate?
During which phase of the business cycle is the economy growing, but at a decreasing rate?
- Expansion
- Trough
- Recovery
- Peak (correct)
What is the term for the recurring expansion and contraction of economic activity?
What is the term for the recurring expansion and contraction of economic activity?
- Recession cycle
- Boom-bust cycle
- Growth cycle
- Trade cycle (correct)
Which of the following best describes the 'trough' phase of the business cycle?
Which of the following best describes the 'trough' phase of the business cycle?
- Period of high unemployment and low production (correct)
- Stable period with consistent economic activity
- Phase of rapid economic growth and prosperity
- Transition period between expansion and recession
What is the term for the sustained increase in the general price level of goods and services in an economy over a period of time?
What is the term for the sustained increase in the general price level of goods and services in an economy over a period of time?
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