Refer to the Following Figure When Answering the Next Five

question 32

Multiple Choice

Refer to the following figure when answering the next five questions.
Figure 9.2: U.S. Output Fluctuations 1960-2012
(Source: BEA and CBO, data from Federal Reserve Economic Data, St. Louis Federal Reserve)
-Consider Figure 9.2. In approximately which of the following years was current output equal to potential output?

• A) 1966, 1974, 1979, 2000, and 2004
• B) 1961, 1975, 1983, 2002, and 2009
• C) 1964, 1980, 1991, 2001, and 2008
• D) 1961, 1975, 1979, 2000, and 2008
• E) 1966, 1974, 1983, 2002, and 2010

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Definitions:

Negligence Action

A negligence action is a legal claim brought in court when one party sues another for harm caused due to their failure to exercise the level of care that a reasonable person would in similar circumstances.

Duty Of Care

The duty of all persons, as established by tort law, to exercise reasonable care in dealings with others. Failure to exercise due care, which is normally determined by the reasonable person standard, is the tort of negligence.

Breach

The failure to comply with or meet a legal duty, contract, or obligation.

Legally Recognizable Injury

Legally recognizable injury is a type of harm identified by law as a valid basis for a lawsuit.