In the graph you've just explored, when did the most recent expansion begin? The most recent expansion began _____.A. At the trough in 2009B. at the peak in 2007C. in 2005D. in 2008 when real GDP equaled potential GDP ✔A long, slow expansionkept real GDP belowpotential GDP for 10 years.After 2018, the expansionsaw real GDP exceedpotential GDP.In 2020, the COVID-19pandemic brought thesharpest recessionever seen.ResetReal GDP (trillions of 2012 dollars)19.518.517.516.515.514.5RecessionPeakExpansion20052008Trough2011PotentialGDP2014Real GDPExpansionPeakCOVID-19recession20172020Year>

Business cycles refers to the alternative period of expansion and contraction in the business…

In the graph you've just explored, when did the most recent expansion begin? The most recent expansion began _____. A. At the trough in 2009 B. at the peak in 2007 C. in 2005 D. in 2008 when real GDP equaled potential GDP

In the graph you've just explored, when did the most recent expansion begin? The most recent expansion began _____. A. At the trough in 2009 B. at the peak in 2007 C. in 2005 D. in 2008 when real GDP equaled potential GDP

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Production And Growth

Section: Chapter Questions

Problem 5CQQ

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Question

In the graph you've just explored, when did the most recent expansion begin? The most recent expansion began _____.

A. At the trough in 2009

B. at the peak in 2007

C. in 2005

D. in 2008 when real GDP equaled potential GDP

✔
A long, slow expansion
kept real GDP below
potential GDP for 10 years.
After 2018, the expansion
saw real GDP exceed
potential GDP.
In 2020, the COVID-19
pandemic brought the
sharpest recession
ever seen.
Reset
Real GDP (trillions of 2012 dollars)
19.5
18.5
17.5
16.5
15.5
14.5
Recession
Peak
Expansion
2005
2008
Trough
2011
Potential
GDP
2014
Real GDP
Expansion
Peak
COVID-19
recession
2017
2020
Year
>

Definition Video Definition Overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period. Video

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