Question

after a period of recession, what is the initial increase in output called?
economic recovery
business cycle
trough
contraction
5 multiple choice 1 point
the fluctuating levels of economic activity in an economy over a period of time measured from the beginning of one recession to the beginning of the next is known as a(n) ______.
expansion
economic recovery
contraction
business cycle
6 multiple choice 1 point
the federal reserves two objectives include ______.
zero inflation and zero unemployment
price stability and zero unemployment
price stability and maximum employment
zero inflation and maximum employment

Explanation:

1. For the first question: The initial rise in output after a recession is the phase of economic recovery. A trough is the lowest point of a recession, contraction is the recession phase itself, and business cycle is the full pattern of economic fluctuations.
2. For question 5: The full pattern of economic activity fluctuations from one recession start to the next is defined as the business cycle. Expansion is a growth phase, recovery is the post-recession growth start, and contraction is the recession phase.
3. For question 6: The Federal Reserve's dual mandate is legally defined as maintaining price stability and maximum sustainable employment; zero inflation and zero unemployment are unrealistic and not official objectives.

Answer:

1. Economic recovery
2. business cycle
3. price stability and maximum employment