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Questions and Answers
What is the term used to describe the period when a country’s GDP grows?
What is the term used to describe the period when a country’s GDP grows?
- Stimulus
- Recession
- Depression
- Expansion (correct)
Which term refers to a severe decline in the US economy during the 1930s?
Which term refers to a severe decline in the US economy during the 1930s?
- Expansion
- Great Depression (correct)
- Recession
- Stimulus
What is the term for a government's policy to provide relief for workers and create business reform?
What is the term for a government's policy to provide relief for workers and create business reform?
- Expansion
- Depression
- Recession
- Stimulus (correct)
Which term describes a decline in a country's GDP for at least 2 quarters?
Which term describes a decline in a country's GDP for at least 2 quarters?
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What does the term 'Standard of living' refer to?
What does the term 'Standard of living' refer to?
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Study Notes
Business Cycle
- The business cycle refers to the recurring pattern of economic growth and decline.
- It consists of two main phases: expansion and contraction.
Expansion
- An expansion is a period of economic growth, characterized by an increase in a country's Gross Domestic Product (GDP).
Contraction
- A contraction, on the other hand, is a period of economic decline.
- There are two types of contractions: recession and depression.
Recession
- A recession is a moderate decline in a country's GDP that lasts for at least two quarters.
- It is a milder form of economic decline.
Great Depression
- The Great Depression was a severe decline in the US economy that occurred in the 1930s.
- It was a prolonged and deep economic downturn that had a significant impact on the global economy.
Economic Intervention
- Stimulus refers to a government's policy aimed at providing relief to workers and promoting business reforms during economic downturns.
- The goal of stimulus policies is to help stabilize the economy and promote recovery.
Standard of Living
- The standard of living refers to the basic necessities and comfort essentials required for a decent life.
- It also includes the goods and services that individuals aspire to buy and enjoy.
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