Asked by JOSHUA MILLER on Jun 10, 2024
Verified
Which of the following is true of economic expansion?
A) There is a decline in production,employment,and income.
B) The standard of living rises because more people are employed and have money to spend.
C) There is a decline in spending.
D) Consumer spending is low and business output is sharply reduced.
E) The prices stagnate during this period.
Economic Expansion
A period of increased commercial and industrial activity within an economy, marked by rising GDP, employment, and productivity.
Standard Of Living
The level of wealth and material comfort that people have available to them.
- Pinpoint the causes behind economic proliferation and shrinkage.
Verified Answer
PR
Pragnya ReddyJun 12, 2024
Final Answer :
B
Explanation :
During an economic expansion, the standard of living typically rises because more people are employed and have money to spend, which leads to an increase in overall economic activity and prosperity.
Learning Objectives
- Pinpoint the causes behind economic proliferation and shrinkage.