Recovery from the 1990-91 Recession Occurred Because Wages Fell and the Aggregate

question 71

True/False

Recovery from the 1990-91 recession occurred because wages fell and the aggregate supply curve shifted downward.

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Definitions:

Restitution

The act of compensating for loss, damage, or injury caused; often involves the return of property to its rightful owner.

Rescind

To nullify, terminate, or abrogate a law, order, or agreement.

Contract Rescinded

The act of legally declaring a contract null and void, as if it never existed, typically due to fraud, mistake, or another reason making the contract not viable.

Covenant Not to Compete

A formal agreement where one party commits to refraining from engaging in or initiating a comparable business or occupation in rivalry with another party.