GDP & Business Cycle Flashcard

Front

Increasing unemployment and decreasing GDP is a sign of what part of the Business Cycle? Options: Expansion, Peak, Contraction, Hot Cheetos

Back

Contraction

Front

If GDP falls for at least 2 Quarters, it is called.

Back

Recession

Front

What term is used to describe the percent of the labor force that does not have a job but is currently looking for one?

Back

Unemployment rate

Front

What term is used to describe an increase in the general price level?

Back

Inflation

Front

Which is NOT included in Gross Domestic Product (GDP) as a measure of the economy? Final goods and services, Dollars, Government spending

Back

Work done at home such as house renovations

Front

Which best describes GDP? Options: Monetary value of all final goods and services produced within a country’s borders in a year, Personal income and expenses each day, It is a cycle of things and stuff, Products shipped from one country to another for purchase

Back

Monetary value of all final goods and services produced within a country’s borders in a year

Front

Which term describes the phases of expansion and contraction in an economy over time? Options: Recessions, Business cycles, Output yo-yos, Total product oscillations

Back

Business cycles

Front

The phase of a business cycle in which real GDP reaches the lowest level is the.

Back

Trough

Front

Which would most likely occur during a period of recession? Options: Cost-push inflation occurs, Unemployment rate falls, Production increase, Real gross domestic output falls

Back

Real gross domestic output falls

Front

Which of the following is associated with peaks in the business cycle? Relatively high levels of unemployment, Recessions, Relatively low levels of unemployment, Both High Unemployment and Recession

Back

Relatively low levels of unemployment