Asked by eunice morel on Jun 12, 2024
Verified
Economic contraction is said to have occurred when:
A) GDP increases.
B) spending declines.
C) jobs increase.
D) inflation decreases.
E) unemployment falls.
Spending Declines
A reduction in the amount of money spent by consumers, businesses, or governments, often indicative of economic downturns or budget tightening.
- Ascertain the variables responsible for economic upswing and downturn.
Verified Answer
NT
Naturally TootieJun 16, 2024
Final Answer :
B
Explanation :
Economic contraction is characterized by a decline in spending among consumers and businesses, which leads to a decrease in economic activity.
Learning Objectives
- Ascertain the variables responsible for economic upswing and downturn.