Business Cycle

Front

Economic Decline for 6 months long

Back

Recession

Front

Which letter on the graph represents a trough in the business cycle? W, X, Y, Z

Back

Y

Front

A trend line will show-

Back

an increase in Real GDP over time.

Front

At what phase of the business cycle would there be a high GDP? Options: Peak, Trough, Contraction, Depression

Back

Peak

Front

What type of unemployment rises during an economic downturn and falls when the economy improves? Options: Seasonal Unemployment, Cyclical Unemployment, Frictional Unemployment, Structural Unemployment

Back

Cyclical Unemployment

Front

business cycle

Back

alternating periods of growth and decline the economy goes through

Front

High levels of unemployment combined with high inflation could indicate that the business cycle has entered into a...

Back

Recession

Front

unemployment

Back

the level of joblessness among people actively seeking work in an economic system

Front

Is this counted in the GDP of the US? Cars made by a Japanese company in California.

Back

Yes

Front

Expectant parents buy supplies for the nursery. Would this be included in GDP?

Back

Yes - Consumer Spending