The Following Data Give the Dates of Successive Turning Points

question 133

Multiple Choice

The following data give the dates of successive turning points in U.S. economic activity and the corresponding levels of real GDP at the time. Which of the turning points are troughs?

• A) (A), (B), and (C)
• B) (C), (D), and (E)
• C) (A), (
• C), and (
• D) (
• B) and (

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Definitions:

Implied Warranty

A legal term for the unspoken and unwritten guarantees that the law assumes goods or services must meet.

Trade Custom

Established practices and patterns of behavior that are widely accepted within a particular industry.

Contract

A contract between two or more entities that is recognized by law and entails shared responsibilities.

Merchantable

A term that describes goods of a quality that are fit for sale or suitable for a particular purpose.