Table 41a

-Table 41a gives quarterly GDP data for a complete business cycle. Using Mitchell's terminology, what is the value for Stage 5?
A) $3,759.8 billion
B) $4,237.6 billion
C) $4,373.3 billion
D) $4,147.5 billion

Question

Table 41a
 
-Table 41a gives quarterly GDP data for a complete business cycle. Using Mitchell's terminology, what is the value for Stage 5?
A) $3,759.8 billion 
B) $4,237.6 billion 
C) $4,373.3 billion 
D) $4,147.5 billion

Quizplus · Accepted Answer

According to Mitchell's terminology, Stage 5 is the peak of the business cycle where the economy reaches its highest point before entering a contraction. Looking at Table 41a, the highest GDP value is $4,373.3 billion, so the answer is C.

Table 41a -Table 41a Gives Quarterly GDP Data for a Complete Business