During this phase, output and employment are rising and so is consumer spending.Select one:a. Double Dip Recessionb. Expansionc. Recoveryd. Contraction
Question
During this phase, output and employment are rising and so is consumer spending.Select one:a. Double Dip Recessionb. Expansionc. Recoveryd. Contraction
Solution
The answer is b. Expansion. During the expansion phase of the business cycle, the economy is growing in real terms (i.e., excluding inflation), as measured by gross domestic product (GDP). This is characterized by periods of positive economic growth, and may also be marked by full or near-full employment, rising wages, increased consumer spending, and high levels of business investment.
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