The Passing of Grandison. What racial sterotypes does Charles W Chesnutt explore in The Passing of Grandison?. One racial stereotype is that slaves did not have feelings like most people. It was typical for a white man to feel that a black man did not love or feel.
Contraction: A slowdown in the pace of economic activity defined by low or stagnant growth, high unemployment, and declining prices. It is the period from peak to trough. Trough: The lowest turning point of a business cycle in which a contraction turns into an expansion. This turning point is also called Recovery.
Definition. Convergence, as used in the theory of economic growth, refers to the tendency of less developed economies to grow more quickly than more mature economies. . The theory is based on the idea that the growth rate will slow as an economy approaches the steady state level of capital per worker.