Explanation

The monetary base consists of reserve plus currency in circulation. 

Explanation

The Great Depression is widely considered to have begun with the stock market crash in the United States in October 1929.

This economic downturn is also known as the Depression of 1929 or the Slump of 1929. 

Explanation

The formula for the GDP Deflator is Nominal GDP / Real GDP x 100.

Explanation

The Phillips curve illustrates the relationship between inflation and unemployment.

Explanation

• MFN is the abbreviation of "The most favored nation."
• It refers to a status or treatment accorded by one country to another in international trade, wherein the first country extends the same trade advantages, such as tariffs or quotas, that it offers to its most favored trading partner to all other countries with MFN status.

Explanation

• The period of the business cycle in which real GDP is increasing is called the "Expansion" phase.
• During an expansion, economic activity is growing, employment is typically rising, and overall economic indicators are improving.
• This phase is often characterized by increasing consumer spending, business investment, and confidence in the economy.

Explanation

The aggregate demand curve slopes downward primarily due to the wealth effect, interest rate effect, and exchange rate effect.

Explanation

Preferential Trade Agreement is the term used in the WTO for trade preferences, such as lower or zero tariffs, which a member may offer to a trade partner unilaterally

Explanation

Frictional unemployment often occurs when people first enter the labor force.

Explanation

Total revenue equals price times quantity.