Which of the following is not a phase or turning point of the business cycle?

Refer to the above figure. If real Gross Domestic Product (GDP) is $2 trillion, then

A) the level of total planned expenditures is less than real GDP. B) the level of total planned expenditures is greater than real GDP. C) the level of total planned expenditures equals real GDP. D) the level of total planned expenditures equals zero.

Velocity represents the average number of times that a dollar is used in purchasing final goods and services in a one-year period

a. True b. False Indicate whether the statement is true or false