11) During the business cycle,
A) real GDP fluctuates around nominal GDP.
B) nominal GDP fluctuates around real GDP.
C) real GDP fluctuates around its trend.
D) trend GDP fluctuates around real GDP.
E) real GDP falls after the trough.
12) A business cycle has two turning points, which are the
A) recession and trough.
B) peak and recession.
C) trough and peak.
D) expansion and recession.
E) peak and expansion.
13) The business cycle has two phases,
A) expansion and peak.
B) recession and trough.
C) peak and trough.
D) recession and expansion.
E) expansion and trough.
14) Based on the figure above, in which quarter or quarters did a recession occur?
A) between 2004, 2nd quarter to 2005, 2nd quarter and also between 2006, 2nd quarter to the end of the figure
B) in 2005, 2nd quarter
C) between 2005, 2nd quarter to 2006, 2nd quarter
D) between 2006, 1st quarter to 2006 2nd quarter
E) after 2005, 2nd quarter
15) Based on the figure above, in which quarter or quarters did an expansion occur?
A) between 2004, 2nd quarter to 2005, 2nd quarter and also between 2006, 2nd quarter to the end of the figure
B) in 2005, 2nd quarter
C) between 2005, 2nd quarter to 2006, 2nd quarter
D) in 2006, 2nd quarter
E) There are no expansions illustrated in the figure.
16) Based on the figure above, in which quarter or quarters did a trough occur?
A) between 2004, 2nd quarter to 2005, 2nd quarter and also between 2006, 2nd quarter to the end of the figure
B) in 2005, 2nd quarter
C) between 2005, 2nd quarter to 2006, 2nd quarter
D) in 2006, 2nd quarter
E) There are no troughs illustrated in the figure.
17) Based on the figure above, in which quarter or quarters did a peak occur?
A) between 2004, 2nd quarter to 2005, 2nd quarter and also between 2006, 2nd quarter to the end of the figure
B) in 2005, 2nd quarter
C) between 2005, 2nd quarter to 2006, 2nd quarter
D) in 2006, 2nd quarter
E) There are no peaks illustrated in the figure.
18) A standard definition of recession is
A) a period of expansion in many sectors of the economy.
B) an increase in GDP that lasts for at least 6 months.
C) a decrease in GDP that lasts for at least 6 months.
D) an increase in unemployment from one month to the next.
E) a period of time when the unemployment rate exceeds 6.5 percent.
19) In order to be classified as a recession, a contraction of general economic activity must last at least
A) one year.
B) six months.
C) one period.
D) one quarter.
E) None of the above because recessions do not have a minimum length.
20) A recession conventionally is defined as a decrease in
A) real GDP that lasts for at least six months.
B) the growth rate of real GDP that lasts for at least six months.
C) potential GDP that lasts for at least six months.
D) real GDP that lasts for at least three months.
E) the inflation rate that lasts for at least six months.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more