AP Macroeconomics Quiz
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ECONOMIC INDICATORS AND THE BUSINESS CYCLE
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Real GDP (in billions of chained dollars) and the unemployment rate are shown for Country Z.
Based on the data shown, which business cycle phase best describes 2022:Q4?
Data: 2022:Q2 real GDP = 15,200; unemployment = 4.6%. 2022:Q3 real GDP = 15,050; unemployment = 5.0%. 2022:Q4 real GDP = 14,900; unemployment = 5.6%.
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