Inal Exam

$(27)$ Alex Gordon

Consider how a re

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Question $24$ of $25$

The statements refer to business cycles. Classify each as either true or false.

$$ The point at which an economy turns from expansion to contraction is called a business$-$cycle peak.

$$ Economic growth is typically steady and occurs without many short term fluctuations between expansion and contraction.

$$ Unemployment is typically increasing in the time leading up to a peak.

The point at which an economy turns from contraction to expansion is called a business$-$cycle depression.

$$ It is possible that the economic output associated with a nation's most recent business$-$cycle trough is higher than the economic output associated with an earlier business$-$cycle peak.

$$ Recessions are related to GDP$,$ and therefore, are unrelated to business cycles.

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