Table 5-1 Shows Data on Real GDP and Employment for a Particular

question 91

Multiple Choice

Table 5-1 shows data on real GDP and employment for a particular country from the year 1991 to 2000. Use the table to answer questions .
Table 5-1

-Refer to Table 5-1. A complete business cycle:

• A) commenced in 1994 and ended in 1997.
• B) commenced in 1991 and ended in 1994.
• C) commenced in 1994 and ended in 1999.
• D) commenced in 1991 and ended in 1996.

---

Definitions:

Tax Rate

The percentage at which an individual or corporation is taxed, which can vary depending on income level, type of tax, or jurisdiction.

Deferred Tax

A tax obligation that a company owes in the future due to timing differences between its taxable income and its accounting earnings.

Accrued Expenses

Expenses that have been incurred but not yet paid or recorded, representing liabilities for services or goods received.

Tax Deductible

Expenses that can be subtracted from gross income to reduce the amount of income subject to tax, thereby lowering the tax liability.