List and explain the two phases and two turning points of the business cycle
What will be an ideal response?
The economy is defined as being an expansion when real GDP is increasing and in a recession when real GDP decreases for at least two consecutive quarters. Between expansion and recession the economy reaches a peak defined as a local maximum in the level of real GDP. A trough is the opposite of a peak where real GDP hits a local minimum as the economy goes from being in a recession to being in an expansion.
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Once the United States Civil War broke out, the United States moved to a
A) gold standard. B) silver standard. C) bimetallic monetary standard consisting of silver and gold. D) bimetallic monetary standard consisting of copper and gold. E) paper currency, called the "greenback."
Holding other factors constant, the implementation of a federal job retraining program would likely
A) reduce cyclical unemployment and the natural rate of unemployment. B) reduce structural unemployment and the natural rate of unemployment. C) reduce frictional unemployment and the natural rate of unemployment. D) increase the natural rate of unemployment.