The USEconomy Is Experiencing Rising Output,rising Employment,rising Incomes and Falling Unemployment

question 120

Multiple Choice

The U.S.economy is experiencing rising output,rising employment,rising incomes and falling unemployment.These conditions best describe a business cycle

• A)expansion.
• B)peak.
• C)trend.
• D)recession.
• E)trough.

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Definitions:

International Trade

The exchange of goods and services between countries, allowing for increased efficiency and market expansion.

Labor

The work and time for which employees are paid.

Resources

The total means available for economic and political development, such as minerals, labor, and capital.

Absolute Advantage

The ability of a country, individual, company, or region to produce a good or service at a lower cost per unit than competitors.