The Short-Run Fluctuations in Economic Activity That Can Cause Output

question 39

Multiple Choice

The short-run fluctuations in economic activity that can cause output to be above or below the long-run trend are called

• A) business cycles.
• B) economic contractions.
• C) economic expansions.
• D) economic peaks.
• E) economic troughs.

---

Definitions:

Economic Penalties

Financial sanctions or fines imposed by governments or international bodies on individuals, corporations, or countries to enforce laws or regulations, often for the purposes of influencing behavior or policies.

Slaughter-House Cases

A group of U.S. Supreme Court decisions in 1873 that limited the scope of the 14th amendment's rights by distinguishing between state citizenship and national citizenship.

Fourteenth Amendment

is a constitutional amendment in the United States that grants citizenship to all persons born or naturalized in the U.S., including former slaves, and provides all citizens with equal protection under the laws.

U.S. Citizenship

The status of being a legally recognized citizen of the United States, entailing specific rights, duties, and benefits.