An economic expansion reflects
a. any movement from disequilibrium to a new equilibrium
b. the increase in output and decrease in employment level following a recession
c. the increase in output and employment levels following a recession
d. the rising wage rates that follow economic instability
e. instability in government tax revenues.
C
You might also like to view...
A person who is not working and who has looked for work in the past, but is not looking for work now is not considered "unemployed."
Indicate whether the statement is true or false
Using the data in the table above, at the price of $80 a phone,
A) a shortage of 25,000 cellular telephones occurs. B) a surplus of 80,000 cellular telephones occurs. C) a surplus of 25,000 cellular telephones occurs. D) a shortage of 55,000 cellular telephones occurs. E) the market is in equilibrium.