Economic Cycle Quiz ( Election Cycle )

What is meant by something being "cyclic" according to the introduction?

• It is a process that happens only once.

• It is a process that does not have a predictable pattern.

• It is a process that continually repeats.

• It is a process that happens randomly.

Which of the following is NOT one of the four phases of the economic cycle?

• Expansion

• Peak

• Stability

• Trough

What does GDP stand for?

• General Domestic Product

• Gross Domestic Product

• Governmental Domestic Product

• Global Domestic Product

What are economists and financial professionals talking about when they refer to the "size" of the economy?

• The physical size of the country's land area.

• The total number of people in the country.

• The total dollar value of everything produced in the country and the services it provides.

• The size of the country's government.

Why might the terms "economic cycle" and "business cycle" be used interchangeably?

• Because they refer to different concepts.

• Because "economic cycle" is a more accurate term.

• Because they refer to the same concept.

• Because "business cycle" is a more accurate term.

When did the last business cycle peak occur according to the chart?

• 2009

• 2015

• 2019

• 2020

What is the average length of an expansion phase in the economic cycle as mentioned in the text?

• 11 months

• 58 months

• 5 years

• More than two times longer than the average contraction

How often does the election cycle repeat in the US?

• Every 4 years

• Every 5 years

• Every 11 months

• Every 58 months

According to the National Bureau of Economic Research (NBER), what is the average length of a contraction in the economic cycle?

• Less than a year

• 58 months

• 5 years

• More than two times longer than the average expansion

What should we pay attention to in the economic cycle to anticipate when a phase change is coming?

• The election cycle

• Economic indicators

• The length of the previous cycle

• The GDP growth rate