The period in the business cycle from a is called a recession. O peak; new peak O trough; new trough O trough; peak O peak; trough to a

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The trough of the business cycle: O is a temporary maximum level of real GDP. comes before the recession phase. comes right after the expansion phase. is a temporary minimum level of real GDP.

Question 43 In a business cycle, a period from trough to peak may be referred to as a recurrence a contraction an expansion all of the above none of the above

h A period during which aggregate output declines. A) Recession B) Expansion C) Inflation

1. Explaining short-run economic fluctuations A majority of economists believe that in the long run, real economic variables and nominal economic variables beha independently of one another. For example, an increase in the money supply, a variable, will cause the price level, a variable, to increase but will have no long-run effect on the quantity of goods and services the economy can produce, a variabl The distinction between real variables and nominal variabl is known as ▼ However, in the short run, most economists believe that re and nominal variables are intertwined. Economists use the model of aggregate demand and aggregate supply to examine the economy's short-run fluctuations around the long-run output level. The following graph shows an incomplete short-run aggregate demand (AD) and aggrega supply (AS) diagram-it needs appropriate labels for the ax and curves. In the questions that follow you will identify so of the missing labels. X AD HORIZONTAL AXIS VERTICAL AXIS The…

What is the contractionary phase of the business cycle characterized by? O reduced output and increased unemployment increased output and increased unemployment reduced output and reduced unemployment increased output and reduced unemployment

1. Climate changes and the Ukrainian-Russian war disrupt global output. Malaysia imports agricultural products from overseas. Assume that the economy is initially operate at its full employment. Based on above situation, explain the effects of this on the economy in the short run. Use AD-AS diagram in your illustration.

During recessions, output   a. rises, and unemployment falls   b. falls, and unemployment rises   c. and unemployment both rise   d. and unemployment both fall

1. Explain the business Cycle and its components in detail.