WorksheetsBusiness Cycle
Total questions: 10
Worksheet time: 5mins
The business cycle is made up of how many phases?
5
4
3
2
An economy is officially considered to be in recession after two consecutive (continuous) quarters of falling GDP.
True
False
A (An) _____ is a cause of a trough.
brand new product
broken product
expensive product
severely outdated product
Which of the following describes the growth part of the business cycle?
Accounts for the time when business activity has reached a maximum
Commonly defined as two consecutive quarterly declines in Gross Domestic Product
Is the lowest levels during a recession
Occurs when persistent increases in the key measurements of aggregate economic activities are present
What is the lowest level of a recession?
Peak
Pit
Resolution
Trough
Which of the following is NOT a business cycle indicator?
Labor force
National defense
Out of date products
Personal incomes and consumer attitudes
Which of the following describes the virtuous cycle?
A representation concerning the patterns of expansion and contraction in the economy, consisting of the growth, peak, recession and trough phases
An increase in sales results in increase in production which causes increase in employment leading to increased income which starts the cycle over again
The lowest levels experienced during a recession
The period in which business activity has reached a maximum
Which of the following lists each part of the business cycle?
Peak, Downhill, Pit, Expansion
Peak, Recession, Pit, Explosion
Peak, Recession, Trough, Expansion
Peak, Pit, Recession, Explosion
Which of the following describes the term productivity?
Consecutive quarterly declines in Gross Domestic Product
Measurement of physical output for each unit of input used, usually referring to labor hours
Period in which business activity has reached a maximum
Sum or whole amount of something
Economic recovery begins-
above the trend line
at the end of a recession (trough)
at the "boom" period
