True/False: In the recovery phase of the business cycle, GDP begins to fall.
False, GDP begins to Rise
100
The portion of people in the labor force who are not working are referred to as...
What is Unemployment Rate
100
The cost to borrow money is...
What is Interest
100
Businesses break the months of the year into..
What are Quarters
200
GDP measures a country's goods and services produced for what duration of time?
1 Year
200
A recession often has this effect..
What is the ripple effect
200
How many hours are presently in a work week...
What is 40 hours
200
Compares prices of a select group of products in one year with a base year...
What is Consumer Price Index
200
Ownership in a company is...
What is Stock
300
Why does GDP only measure FINAL goods and services?
To prevent things from being counted twice
300
In a Recession, GDP slows for how many quarters?
Two or more
300
Name two types of people who are not included in the unemployment rate...
-Students
-Retired people
-Those who can't work
-Those who do not want to work
300
Identify one of the two business cycle phases deflation occurs...
Recession or Depression
300
Money spent for something that will benefit the business for a long period of time...
What is Capital spending
400
Name two of the four categories of economic activity...
-Consumer spending
-Business spending
-Gov. Spending
-Exports minus imports
400
Name two characteristics of the prosperity phase in the business cycle...
-People who want to work are
-Goods and services are being produced in record numbers
-Wages are good
-GDP increases
-Demand for goods and services is high
400
At what age a person be legally employed?
16
400
What type of people does inflation hurt the most?
Those on a fixed income
400
Like a loan, it is debt to a business, those that buy them are creditors...
What is a Bond
500
Name two of the four categories of economic activity...
-Consumer spending
-Business spending
-Gov. Spending
-Exports minus Imports
500
Name the four phases of the Business Cycle in the proper order...