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…

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

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Demand and Supply

The concept of demand and supply is important for various factors. One of them is studying and evaluating the condition of an economy within a certain period. The analysis or evaluation of the demand-side factors is important for the suppliers to understand the consumer or individual behaviour. The evaluation of supply-side factors is important for the consumer or individuals to understand that what kind of combination of an economic good or what kind of economic good and services he or she should consume to maximise his utility and minimise the cost. Therefore, in microeconomics, both of these concepts are extremely important to have an idea that what exactly is going on in the economy.

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