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Business Cycles Quiz 4 (25 MCQs)

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1. During an economic contraction
2. In any efficiency wage model, it must be true that
3. Which stage is described as the following?The business idea is still an idea/concept.
4. In the mid phase of the business cycle, one should avoid investing the _____ sector.
5. Read the following headline and choose the condition that correspond with the business cycle.The sale of durable goods is down for the 5th consecutive month.
6. Which phase of the Business Cycle includes the economy slowing down?
7. Inflation is the highest in which of the following phases?
8. Inflationary pressures are highest in the _____ stage of the business cycle.
9. Read the following headline and choose the condition that correspond with the business cycle.GDP declines for four consecutive months, causing the Federal Reserve to lower interest rates.
10. One of the most important tools used to measure the health of an economy is
11. What is the formula for calculating GDP if using the income approach?
12. Real GDP is obtained by
13. What are both nominal and real GDP used for?
14. Who first identified cyclical patterns in the economy and created what is often referred to as "the business cycle" ?
15. Where would you most likely find the highest rates of inflation
16. The unemployment rate equals the number of persons:
17. If unemployment is high, how will the economy be affected?
18. Which of the following can lead to a "bust" or downfall in the business cycle?
19. This inflation results from an inefficient market or structure of the economy.
20. In the contraction phase, businesses will:
21. During the expansion-phase, people will:
22. Low unemployment, an increase in the output of goods and services, and increasing consumer spending best illustrates which of the following periods of the business cycle?
23. What type of Unemployment is represented here?Scenario:You are let go from Ritas because the Spring and Summer seasons have passed.
24. When using the expenditure approach to calculate GDP, which of the following gets excluded?
25. Read the following headline and choose the condition that correspond with the business cycle.Due to increased consumer spending, the Federal Reserve raises interest rates to slow the economy down.
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