PLS HELP ME I NEED TO GET THIS DONE DO IT IN YOUR OWN WORDS NO SAMPLE RESPONDS PLEASEE Click to review the online content. Then answer the question(s) below, using complete sentences. Scroll down to view additional questions.
Online Content: Site 1

Describe what happens when the economy expands. What are the results when an economy retracts? How is a recession defined? (Site 1)

Mankiw attributes – chapter 1 and his 10 principles – differences in living standards within a countryover time and across countries at a moment in time to: a. the presence or absence of inflation and unemployment.b. the allocation of resources between private markets and the public sector.c. those that have dealt successfully with the efficiency v. equality tradeoff and those that haven’t.d. differences in productivity.e. ones that think at the margin and respond to incentives and those that don’t.