Many comp business, and many of their former workers are unemployed. Banks have been unwilling to offer loans to people and businesses that want them. Even worse, the country's largest companies are preparing to shut down some major projects. Economists project that the economy will continue to struggle for a long time. Which phase of the business cycle best describes the country in this scenario? A. Trough B. Peak

Essentials of Economics (MindTap Course List)
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ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter17: Production And Growth
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rinciples, Civics and Economics (2020)
Pretest: Unit 11
Question 1 of 20
A country's economy has been struggling. Many companies have gone out of
business, and many of their former workers are unemployed. Banks have
been unwilling to offer loans to people and businesses that want them. Even
worse, the country's largest companies are preparing to shut down some
major projects. Economists project that the economy will continue to struggle
for a long time.
Which phase of the business cycle best describes the country in this
scenario?
A. Trough
B. Peak
C. Expansion
D. Contraction
← PREVIOUS
SUBMIT
Transcribed Image Text:rinciples, Civics and Economics (2020) Pretest: Unit 11 Question 1 of 20 A country's economy has been struggling. Many companies have gone out of business, and many of their former workers are unemployed. Banks have been unwilling to offer loans to people and businesses that want them. Even worse, the country's largest companies are preparing to shut down some major projects. Economists project that the economy will continue to struggle for a long time. Which phase of the business cycle best describes the country in this scenario? A. Trough B. Peak C. Expansion D. Contraction ← PREVIOUS SUBMIT
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