The Phase of the Business Cycle in Which Real GDP

question 255

Multiple Choice

The phase of the business cycle in which real GDP declines is called

• A) the peak.
• B) an expansion.
• C) a recession.
• D) the trough.

---

Definitions:

Checklist

A list of items or tasks that need to be checked or completed, used as a reminder or for verification purposes.

Petty Cash Fund

A small amount of cash on hand used for covering minor expenses in a business, such as office supplies or postage.

Perpetual Inventory Method

An inventory management method where stock levels are updated in real-time with each sale or purchase transaction.