The Working Poor

question 47

Multiple Choice

The working poor:

• A)live primarily on welfare
• B)often work 2-3 jobs to make ends meet
• C)have average levels of literacy
• D)are mostly optimistic about the future

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Definitions:

Aggregate Supply

The aggregate amount of products and services that businesses intend to offer for sale in the market within a given timeframe.

Economic Fluctuations

Variations in the level of economic activity in an economy over a period of time, including phases of expansion and contraction.

Business Cycle

The fluctuations in economic activity that an economy experiences over a period of time, characterized by periods of expansion (growth) and contraction (recession).

Recessions

Intervals of provisional economic contraction, during which commerce and industry slow down, often indicated by a dip in GDP across two sequential quarters.