Author Question: The period of declining growth in real GDP, between the peak of the business cycle and the trough, ... (Read 346 times)

EY67 · **on:** Jun 30, 2018

The period of declining growth in real GDP, between the peak of the business cycle and the trough, is called the:
a. contractionary phase.
b. boom.
c. expansionary phase.
d. static phase.

Question 2

Economists use the term business cycle to refer to:
a. the growth of small businesses into major corporations.
b. qualitative changes in products resulting from improved technology.
c. fluctuations in economic activity, measured by GDP or unemployment.
d. periods of increase or decrease in the rate of inflation.