Econ 102 Key PASSED Exam Questions and CORRECT Answers

The point where economic activity bottoms out in a full business cycle is known as:The point where economic activity bottoms out in a full business cycle is known as the trough. The low point in a business cycle which precipitates a period of economic growth is known as the trough. A recession is the entire period of time where real GDP is falling. The phrase pre-expansion is not commonly used. One of the primary goals of most governments with regard to the economy is:One of the primary goals of most governments with regard to the economy is full employment. Full employment is a typical goal of most governments since this means that a percentage of those individuals that would like to be employed are employed. These employment opportunities provide individuals with the means to increase their standard of living and reduce the amount of government transfer payments needed to provide support for the unemployed. Increased taxation, increased military spending, and higher consumer spending may all be occurring in an economy they are rarely listed as an economic goal but are instead mechanisms used to achieve some goal.