Midterm Exam Review : PBMF & ESB

Front

Who first identified cyclical patterns in the economy and created what is often referred to as "the business cycle"?

Back

Clemente Juglar

Front

Which of the following describes the growth part of the business cycle?

Back

Occurs when persistent increases in key measurements of aggregate economic activity are present

Front

Which of the following is NOT an indicator of the business cycle? Labor force, Wages, Labor costs and productivity, Birth rate

Back

Birth rate

Front

What does the term 'productivity' describe?

Back

Measurement of physical output for each unit of input used, usually referring to labor hours.

Front

What are the parts of the business cycle?

Back

Peak, Recession, Trough, Expansion

Front

Which of the following describes the virtuous cycle?

Back

Increase in sales results in increase in production which causes increase in employment leading to increased income which starts the cycle over again.

Front

Which of the following is NOT a business cycle indicator? Labor Force, National Defense, Personal incomes and consumer attitudes, Out of date products

Back

Out of date products

Front

What is the lowest level of a recession?

Back

Trough

Front

What is a cause of a trough?

Back

A severely outdated product

Front

In which of the following categories does a recession NOT cause a decline? Total output, Income, Tax Rate, Employment

Back

Tax Rate