Easy
The phase of the business cycle in which real domestic output declines is called:
What is a recession?
Which phase of the business cycle would be most closely associated with an economic contraction?
What is a recession?
In the expansion phase of a business cycle:
What is employment and output increase?
A recession is a period in which:
What is real domestic output falls?
According to the economists, different kinds of shocks to the economy could be responsible for the variations in real output and employment over time. These shocks include:
What is the changes in the level of total spending, productivity, irregular innovations and money supply?
The phase of the business cycle where real domestic output is at a minimum is called:
What is the trough?
A trough in the business cycle occurs when:
What is employment and output reach their lowest levels?
Most economists believe that the immediate cause of cyclical changes in the levels of real output and employment is:
What is the changes in the level of total spending?
In which of the following industries or sectors of the economy is output likely to be most strongly affected by the business cycle?
What are durable goods (machinery, equipment, etc.)?
During a serious recession we would expect output to fall the most in:
What is the machinery and equipment industry?
A peak in the business cycle:
What is a temporary maximum point?
The production of durable goods varies more than the production of nondurable goods because:
What are durables purchases are postponable?
In which industry or sector of the economy is output least likely to be affected by the business cycle?
What are agricultural commodities?
In which industry or sector of the economy is output least likely to be affected by the business cycle?
What is the service industry?
The severe recession of 2008 - 2009 was precipitated by:
What is a combination of excessive money and financial frenzy?
To be officially unemployed a person must be in the labour force and must:
What is be actively seeking work?
Which of the following currencies was used by the countries that had a negative nominal interest rate in early 2016?
What is the euro?
Which of the following countries experienced hyperinflation after World War II?
What is Japan?
Which of the following is the phase that follows the peak of a business cycle?
What is recession?
Which of the following is the phase that follows the trough of a business cycle?
What is expansion?
A large negative GDP gap implies:
What is a high rate of unemployment?
Dr. Peter Griffin, an economics professor, decided to take a year off from teaching to run a commercial fishing boat in P.E.I. That year, Professor Simpson would be officially counted as:
What is employed?
Waiting for employment and "searching for employment" are both types of:
What is frictional unemployment?
A headline states: "Real GDP falls again as the economy slumps." This condition is most likely to produce what type of unemployment?
What is cyclical?
Full-employment output is also called:
What is potential output?