Question 1
If output is falling and unemployment is rising, the economy
must be in a(n)
◦ contraction.
◦ expansion.
◦ depression.
◦ hyperinflationary period.
Question 2
The period in the business cycle from a ________ to a ________ is called a recession.
◦ peak; trough
◦ trough; peak
◦ peak; new peak
◦ trough; new trough