Economic Indicators Review

The Business Cycle measures ___ over time.

• wealth

• inflation

• economic growth

The business cycle is made up of how many phases?

• 5

• 4

• 3

• 2

The business cycle rises above the trendline during-

• rescessions

• expansions

• troughs

GDP declines during a(an)

• peak

• contraction

• expansion

Which of the following is an expansion, or recovery?

• A

• B

• C

• D

GDP divided by ______ = GDP per capita

• population

• income

• wealth

• production

Which phase of the business cycle is characterized by increase in production, money flow, and employment?

• Expanion

• Peak

• Trough

• Recession

Refers to an increase in the general price level associated with an increase in the cost of production.

• Inflation

• CPI

• GDP

• Expansion

What type of unemployment is due to a business shutting down for a part of a year?

• Frictional

• Structural

• Seasonal

• Cyclical

What type of unemployment occurs when advanced technology takes your job?

• Frictional

• Structural

• Seasonal

• Cyclical