Which of the following are phases of the business cycle? (select all that apply)

_____ is the phase of the business cycle where most people who want to work are working.

_____ is the phase of the business cycle where the economy is starting to slow down.

_____ is the phase of the business cycle where businesses produce goods and services in record high numbers.

_____ is the phase of the business cycle where there is a long period of high unemployment.

_____ is the high point, or peak, of the business cycle.

_____ is the phase of the business cycle where businesses begin to lower production.

_____ is the phase of the business cycle where many businesses fail.

_____ is the phase of the business cycle where unemployment begins to decrease.

_____ is the phase of the business cycle where consumer demand for goods and services begins to increase.

_____ is the phase of the business cycle where GDP falls rapidly.

_____ is the phase of the business cycle where GDP decreases for 2 or more quarters of the calendar year.

_____ is the phase of the business cycle where GDP begins to rise again.

_____ is an increase in the general level of prices.

_____ is an decrease in the general level of prices.

Inflation is most harmful to people who live on fixed incomes.

Which of the following scenarios would be a cause for inflation?

Mild inflation is actually good for an economy because it can stimulate economic growth.

A(n) _____ is a number that compares prices in one year with prices in some earlier base year.

______ usually occurs in times of recession or depression.

Improved technology can often lead to deflation.

_____ represent the cost of money.

Higher interest rates mean _____.

People with poor credit ratings pay ______.

Consumers earn more money on their investments when _____.

The ____ is the rate that banks make available to their best customers, such as large corporations.

The ____ is the interest rate that financial institutions (ex: banks) are charged to borrow money from the Federal Reserve.

When borrowing by consumers, businesses and government increases, interest rates ______.

The ____ is the interest rate that people are charged to borrow money for the purchase of a new home.