Which of the following describe the United States economy in 2008 and and the start of 2009?
A) The economy was in an expansion.
B) The economy was in a recession.
C) Real GDP per person increased.
D) Real GDP reached a peak.
E) None of the above answers is correct.
Correct Answer:
Verified
Q156: The difference between nominal GDP and real
Q157: Nominal GDP can change
A)only if prices change.
B)only
Q158: The sum of the components of incomes
Q159: The business cycle is defined as
A)changes in
Q160: According to the expenditure approach to measuring
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