Terms in this set (12)
a period of economic expansion followed by a period of contraction
is a period of economic growth, as measured by a rise in real GDP
the height of expansion, when real GDP stops rising
a period of economic slowdown marked by falling real GDP
the contraction's lowest point, when real GDP stops falling
Which of the following is NOT a part of the business cycle?
contraction that lasts for at least 6 months
a long and severe recession
If real GDP falls for two consecutive quarters, the economy is said to be in __________.
What set off the economic slump of the early 1980s?
high consumer interest rates
Which of the following usually results from high consumer confidence?
a rise in gross domestic product
Which of the following industries were especially hard hit following the terrorist attacks of September 11, 2001?
hotel and airline
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