Business Cycle Quiz

What does letter F represent in the business cycle?

• Fluctuation

• Finance

• Forecast

• Failure

What does letter G represent in the business cycle?

• Growth

• Gross Domestic Product

• Government Spending

• Globalization

What does letter H represent in the business cycle?

• Peak

• Recession

• Recovery

• Expansion

What does letter I represent in the business cycle?

• Investment

• Inflation

• Interest

• Income

What does letter J represent in the business cycle?

• Recovery

• Recession

• Expansion

• J-Curve

Define Gross Domestic Product (GDP):

• The total value of goods and services produced in a country.

• The total value of goods and services consumed in a country.

• The total value of goods and services exported by a country.

• The total value of goods and services imported by a country.

Define Gross National Product (GNP):

• The total value of goods and services produced within a country.

• The total value of goods and services produced by a country's residents, regardless of the location.

• The total value of goods and services consumed within a country.

• The total value of goods and services exported by a country.

What are the components of GDP? Define each component.

• Consumption, Investment, Government Spending, Net Exports

• Consumption, Savings, Government Spending, Net Imports

• Investment, Savings, Government Spending, Net Exports

• Consumption, Investment, Government Spending, Net Imports

Which of the following is defined as the type of unemployment that occurs when workers' skills do not match the jobs available?

• Frictional Unemployment

• Structural Unemployment

• Cyclical Unemployment

• Seasonal Unemployment

What are imports?

• Goods and services bought from other countries

• Taxes on foreign goods

• Domestic products sold abroad

• Government regulations on trade