In sequential order, the four phases of the business cycle are

A) trough, peak, expansion, contraction.
B) peak, contraction, trough, expansion.
C) expansion, contraction, peak, trough.
D) contraction, trough, peak, expansion.

B

Economics

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The standard of living is measured by

A) employment. B) the population. C) real GDP per person. D) real GDP. E) employment per person.

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Refer to the figure above. Which of the following combinations is attainable but inefficient?

A) A B) B C) C D) D

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