The Rising Phase of a Business Cycle Measured by an Increase

question 21

Multiple Choice

The rising phase of a business cycle measured by an increase in real GDP is called:

• A)trough.
• B)expansion.
• C)recession.
• D)contraction.

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Definitions:

Market Basket A

A selected set of goods and services used to monitor changes in price levels over time, often for the purpose of calculating inflation.

Utility Maximizing

The act of choosing the combination of goods and services that maximizes a consumer's satisfaction or happiness with a given income.

Marginal Utility

The additional satisfaction or utility received by consuming one more unit of a good or service.

Soft Drinks

Non-alcoholic beverages that are usually carbonated and contain various flavorings and sweeteners.