GDP and Business Cycle

This economic model is called:

• The business cycle

• Supply & demand

• Production Possibilities Curve

• Circular Flow Model

The Lowest point in the business cycle

• Peak
• Trough
• Expansion
• Contraction

The HIGHEST Point in business cycle

• Peak
• Trough
• Contraction
• Recession

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

• Expansion
• Recession
• Clumsy
• Frictional

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

• Leading economic indicator
• Full employment
• Unemployment rate
• Structural unemployment

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

• Deflation
• Monetary policy
• Stagnation
• Inflation

Which term describes the phases of expansion and contraction in an economy over time?

• Recessions
• Business cycles
• Output yo-yos
• Total product oscillations

What is the total value of all final goods and services produced in the economy in a given year?

• Unemployment rate

• Supply and Demand

• GDP

• Communism

By looking at past GDP numbers, we can identify a

• economic contraction

• economic expansion

• recession

• All of the these

A time period that shows an increase and growth of GDP

• Expansion

• Recession

• Depression

• Trough