Asked by Isabella Pucci on Jul 12, 2024
Verified
In the spring of 2002 we were in the _____ phase of the business cycle.
A) recovery
B) prosperity
C) depression
D) recession
E) acceleration
Business Cycle
The fluctuations in economic activity that an economy experiences over a period of time, including periods of expansion and contraction.
Spring 2002
Spring 2002 refers to a specific time period within the year 2002, often contextualized by significant events or seasonal attributes relevant to that duration.
- Delve into the study of the business cycle's phases and their distinguishing characteristics.
Verified Answer
TA
Tyler AdamsJul 13, 2024
Final Answer :
A
Explanation :
The spring of 2002 followed the 2001 recession, which officially ended in November of that year. Therefore, in the spring of 2002, the economy was in the recovery phase of the business cycle, characterized by increasing economic growth, decreasing unemployment, and improving consumer confidence.
Learning Objectives
- Delve into the study of the business cycle's phases and their distinguishing characteristics.