Multiple Choice
All of the following statements are true EXCEPT:
A) when changes in real GDP are positive,the economy is said to be expanding.
B) peaks in the business cycle tend to occur when the capacity-to-output is smallest.
C) troughs occur when the capacity-to-output gap is the largest.
D) two consecutive quarterly declines in GDP are generally said to be a recession.
Correct Answer:
Verified
Correct Answer:
Verified
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