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.
Early economists, neglecting the possibility of scientific and technical progress that would improve the means of production, used the law of diminishing returns to predict that as population expanded in the world, output per head would fall, to the point where the level of misery would keep the population from increasing further.