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Business Cycles Quiz 8 (25 MCQs)

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1. To calculate GDP, the government adds up
2. Which of the following is not a stage of the business cycle?
3. If GDP of the economy grows, what is MOST LIKELY to happen to sales and profitability of a business in the economy?
4. What is the definition for inflation?
5. Because the business cycle directly measures growth over a period of time, what should the y-axis be labeled?
6. In which phase would firms start to lay off workers
7. Which of the following is a cause of a trough?
8. What is the formula for calculating GDP if using the expenditure approach?
9. Optimistic people will
10. The business cycle rises during a time of growth called-
11. In the long run, the economy of the United States has
12. Which term is used to describe recurring upswings and downswings in an economy's real GDP over time?
13. Which phase would unemployment rates increase for 6 months or more
14. With respect to efficiency wage models, the efficiency of workers depends
15. How might the development of the internet increase productivity?
16. How many people are NOT in the Labor Force?Unemployed (Looking for job) = 20 Retired = 5 Prison = 2 School = 10 Employed = 180Unemployed (not looking for job) = 20
17. During the expansion phase, businesses will:
18. If the US economy has 9% unemployment, what percent of this rate is cyclical?
19. In order to accurately compare GDP between different years, what must be removed from GDP?
20. What type of unemployment do recent college graduates experience while looking for a job?
21. Billy Bob is 17 and workes every October as a zombie at the Netherworld Haunted House during that one month. The rest of the year he is
22. Business cycle has four phases:
23. In this stage it is important that a business revisits it business plan, evaluates its goals and objectives and sets in place new financial and marketing plans.
24. Inflation is defined as an increase in:
25. Which of the following is NOT an economic indicator used to measure the economy?
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