If the rate of change in output is negative
A) then the economy is in the expansionary phase of the business cycle, regardless of the overall level of output.
B) but the level of output is low, then the economy is entering the expansionary phase of the business cycle.
C) but the level of output is high, then the economy is still in the expansionary phase of the business cycle.
D) then the economy is in the contractionary phase of the business cycle, regardless of the overall level of output.
Correct Answer:
Verified
Q9: The largest income component of GDP is
A)
Q10: Of the following, the smallest income component
Q11: Actual output cannot grow faster than_ over
Q12: What is the correct ascending order of
Q13: A contraction or recession is the period
Q15: Business cycles are highly irregular in practice
Q16: Output gaps vary from year to year,
Q17: During a boom, which of the following
Q18: An expansion or boom is the period
Q19: The magnitude of cyclical fluctuations resulting from
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