Chris Quiz #3

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

• Clement Juglar

• Warren Buffett

• Jimmy Fallon

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

• Occurs when persistent increases in the key measurements of aggregate economic activities are present.

• Accounts for the time when business activity has reached a maximum.

Which of the following in NOT an indicator of the business cycle?

• Birth rate

• Wages

• Labor force

Which of the following lists each pet of the business cycle?

• Peak, recession, trough, expansion.

• Peak, recession, pit, expansion.

Which of the following describes the virtuous cycle?

• The lowest levels experienced during a recession.

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

Which of the following is NOT a business cycle indicator?

• Out of date products

• Department of defense

• Rubber duckies

What is the lowest level of recession?

• Peak

• Trough

• Pit

Which of the following is the cause of a trough?

• An expensive product

• A new product

• A severely Outdated product

In which of the following categories does a recession NOT cause a decline?

• Total output

• Income

• Tax rate

• Employment