Business Cycle

Which of the following is NOT a Phase?

• Expansion

• Contraction

• Neutral

• Peak

• Trough

The business cycle rises above the trendline during-

• rescessions

• expansions

• troughs

When GDP rises faster than the long-run trend the economy is experiencing-

• recession

• expansion

• recovery

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

• Supply Inflation

• Cost Push Inflation

• Imported Inflation

• Demand Pull Inflation

Which of the following is an expansion, or recovery?

• A

• B

• C

• D

GDP declines during a(an)

• peak

• contraction

• expansion

GDP divided by ______ = GDP per capita

• population

• income

• wealth

• production

GDP will begin to decline at-

• the peak.

• the trough.

• the contractionary phase.

Which of the following is a peak?

• A

• B

• C

• D

The Business Cycle measures ___ over time.

• wealth

• inflation

• economic growth