16) Doing a contractionary phase of the business cycle which of the following most likely of occurs? Below is the transcription of the provided image for educational purposes:---### Economic Multiple Choice Questions**15. Which of the following pairs of terms is used to describe fluctuations in the economy?**a) Real and Nominal b) **Expand and contract** (correct answer) c) Revenue and expenditure d) Deficit and debt---**16. During a contractionary phase of the business cycle, which of the following most likely occurs?**a) More tax revenues are remitted b) More goods and services are produced c) Fewer people are unemployed d) **Fewer people are employed** (correct answer)---**17. Which of the following regulations prevent price gouging?**a) Price floors b) Price fixing c) **Price ceilings** (correct answer) d) Price inflation---**18. What does fiscal policy include?**a) Taxes b) Interest rates c) Government spending d) **a and c** (correct answer)Page 4---The questions are designed to test students' understanding of economic concepts such as economic cycles, price controls, and fiscal policy. The correct answers are marked and circled within the text for reference.

Business cycles represents the recurrent ups and down in the level of GDP produced by an economy…

Answered: Doing a contractionary phase of the…

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Doing a contractionary phase of the business cycle which of the following most likely of occurs?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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