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During a contraction phase, economic activity decreases, leading to lower GDP and higher unemployment.

What is NOT the primary function of the nasal cavity? 

If Consumption (C) is $500 billion, Investment (I) is $200 billion, Government spending (G) is $300 billion, Exports (X) are $100 billion, and Imports (M) are $50 billion, then GDP = $1,050 billion.

Centralized decision marking best resembles a command economy.

If the labor force participation rate is 70% and the labor force is 140 million, then the total population is 200 million.

For C = $500 billion, I = $200 billion, G = $300 billion, X = $150 billion, and M = $100 billion, the GDP is $1,000 billion.

During the trough phase, the economy begins to recover and transition into an expansion phase.

A recession is defined as two consecutive quarters of positive GDP growth.

A peak is the lowest point of economic activity in the business cycle.

North Korea best resembles a traditional economy.