When an Economist Indicates That the Economy Is No Longer

question 42

Multiple Choice

When an economist indicates that the economy is no longer in a slump, he or she means to say that

• A)nominal GDP is now above its trend path
• B)the economy is currently growing at a rate above three percent
• C)the economy has passed the worst of a recession and is now in the recovery phase
• D)the economic cycle has reached its peak
• E)none of the above

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Definitions:

Mental Independence

The state of having the freedom to think and make decisions without undue influence from external forces.

Former Slaves

Individuals who were previously enslaved and have since gained their freedom, particularly in reference to the historical context of slavery in various regions.

Importation Of Slaves

The historical practice of bringing enslaved African people to various parts of the world, especially to the Americas, through the transatlantic slave trade.

Louisiana Purchase

The acquisition of the Louisiana territory by the United States from France in 1803, which doubled the size of the U.S. and opened up the country for westward expansion.