The Following Data Give the Dates of Successive Turning Points

question 64

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: $$\begin{array} { c c c } \text { Turning Point } & \text { Date } & \text { Real GDP } \\& & \text { (1996 \$ billions) } \\\text { (A) } & \text { Feb. } 1961 & 2352.9 \\\text { (B) } & \text { Dec. } 1969 & 3571.4 \\\text { (C) } & \text { Nov. } 1970 & 3566.5 \\\text { (D) } & \text { Nov. } 1973 & 4151.1 \\\text { (E) } & \text { Mar. } 1975 & 4010.0\end{array}$$ Which of the following periods was an expansion?

• A) February 1961 through December 1969
• B) December 1969 through November 1970
• C) November 1970 through March 1975
• D) December 1969 through November 1973

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Definitions:

Taxable Income

The amount of income that is used to calculate an individual's or a company's income tax due.

Personal Income Tax

A tax levied on individuals or entities based on their income or profit earned.

Taxable Income

The portion of an individual's or corporation's income upon which taxes are assessed, after allowances for deductions and exemptions.

Total Tax

The combined amount of all taxes imposed by different levels of government on individuals or businesses.