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.
The measure compares the actual GDP (output) of an economy and the potential GDP (efficient output). When the economy is running an output gap, either positive or negative, it is thought to be running at an inefficient rate as the economy is either overworking or underworking its resources.Economic theory suggests that positive output gap will lead to inflation as production and labor costs rise. RELATED TERMS.hen the economy is running an output gap, either positive or negative, it is thought to be running at an inefficient rate as the economy is either overworking or underworking its resources. Economic theory suggests that positive output gap will lead to inflation as production and labor costs rise. RELATED TERMS.