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Business Cycle

Total questions: 33

Worksheet time: 40mins

Name
Class
Date
1.
The lowest point of output in a recession, before a recovery begins
a)
trade deficit
b)
depression
c)
trough
d)
recovery
2.
All of the following are points on the business cycle EXCEPT
a)
Peaks
b)
Troughs
c)
Expansion
d)
GDP
3.
When a company buys new computers for their business, what part of the GDP equation does this count as? 
a)
Consumption
b)
Investments
c)
Imports
d)
Exports
4.
Which letter represents the Contractionary Phase?
a)
A
b)
B
c)
C
d)
D
5.
Which letter represents the Peak Phase?
a)
A
b)
B
c)
C
d)
D
6.
Which letter represents the Trough Phase?
a)
A
b)
B
c)
C
d)
D
7.
Which letter represents the Expansion Phase?
a)
A
b)
B
c)
C
d)
D
8.
Where on the business cycle would you find the highest unemployment?
a)
A
b)
B
c)
C
d)
D
9.
Where on the business cycle would you find the lowest unemployment?
a)
A
b)
B
c)
C
d)
D
10.
Where on the business cycle are we most likely to see the highest inflation?
a)
A
b)
B
c)
C
d)
D
11.
Where on the business cycle are we most likely to see the lowest inflation or deflation?
a)
A
b)
B
c)
C
d)
D
12.
If unemployment is high, how will the economy be affected?
a)
Government spending will decrease
b)
Consumer spending will decrease
c)
Consumer spending will increase
d)
Business investments will increase
13.
Which type of unemployment is due to changes in the business cycle?
a)
frictional
b)
seasonal
c)
structural
d)
cyclical
14.

The Business Cycle measures ___ over time.

a)

wealth

b)

inflation

c)

economic growth

15.

A trend line will show-

a)

an increase in Real GDP over time.

b)

only economic recessions.

c)

only economic expansions.

16.

Which of the following is not a macroeconomic goal?

a)

low unemployment

b)

rise in the minimum wage

c)

price level stability

17.

Economic recovery begins-

a)

above the trend line

b)

at the end of a recession (trough)

c)

at the "boom" period

18.

The Business Cycle charts...

a)

the ups and downs of an economy

b)

series of stages in the economy as it expands and contracts.

c)

the periodic growth and decline of a nation’s economy, measured mainly by its GDP (Gross Domestic Product).

d)

All of the above

19.

If a news headline says, "3 months of consecutive job losses is impacting consumer confidence."

Where on the business cycle is the current economy?

a)

Peak

b)

Contraction/Recession

c)

Trough

d)

Expansion/Growth/Recovery

20.

If a news headline says, "6 straight years of growth! How much longer can the economy keep up?"

Where on the business cycle is the current economy?

a)

Peak

b)

Contraction/Recession

c)

Trough

d)

Expansion/Growth/Recovery

21.

Which phase of the business cycle is characterized by rising GDP and decreasing unemployment?

a)

Contraction

b)

Trough

c)

Expansion

d)

Peak

22.

What typically happens to consumer spending during a recession?

a)

It fluctuates randomly

b)

It increases significantly

c)

It remains unchanged

d)

It decreases

23.

Which of the following is most likely to occur during the peak phase of the business cycle?

a)

High unemployment

b)

Maximum output

c)

Low inflation

d)

Falling GDP

24.

If a news headline says, "3 months of consecutive job losses is impacting consumer confidence."

Where on the business cycle is the current economy?

a)

Peak

b)

Contraction/Recession

c)

Trough

d)

Expansion/Growth/Recovery

25.

GDP declines during a(an)

a)

peak

b)

contraction

c)

expansion

26.

GDP divided by ______ = GDP per capita

a)

population

b)

income

c)

wealth

d)

production

27.

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

a)

recession

b)

expansion

c)

recovery

28.

Please select all characteristics that occur at a trough:

a)

High unemployment

b)

Low unemployment

c)

High GDP

d)

Low GDP

29.
Which is NOT one of the three key indicators?
a)
GDP growth
b)
CPI
c)
Unemployment Rate
d)
per capita GDP
30.

Which is missing part of the definition for GDP?

The market value of _____ produced within a country in a certain period of time.

a)

All manufactured goods

b)

All intermediate goods & services

c)

Everything purchased

d)

All final goods & services

31.
Which type of unemployment is this:  Stephen has been desparately trying to find a job, but because of the stock market crash no one is hiring.
a)
cyclical
b)
frictional
c)
structural
d)
not unemployed
32.
Which type of unemployment is this:  Jon left his job in GA because he is moving to be closer to family in MO. 
a)
cyclical
b)
frictional
c)
structural
d)
not unemployed
33.

Choose all that apply

Which of the following are characteristics associated with letter E?

a)

Rising unemployment

b)

Rising employment

c)

Highest levels of unemployment

d)

Economic growth

e)

Inflation

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