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GDP and Business Cycle

Authored by Lucas Britt

10th - 12th Grade

Used 5+ times

GDP and Business Cycle
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

This economic model is called:

The business cycle

Supply & demand

Production Possibilities Curve

Circular Flow Model

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Lowest point in the business cycle

Peak
Trough
Expansion
Contraction

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The HIGHEST Point in business cycle

Peak
Trough
Contraction
Recession

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Expansion
Recession
Clumsy
Frictional

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Deflation
Monetary policy
Stagnation
Inflation

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Recessions
Business cycles
Output yo-yos
Total product oscillations

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