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Variations in the economy that are all equal in… Show more

Variations in the economy that are all equal in… Show more Which of the following refers to business cycles? A)Variations in the economy that are all equal in intensity B)Seasonal variations in the economy that occur every year C)Fluctuations in economic output that show a declining growth pattern over time D)Periodic but irregular variations in economic activity E)Period movements from one economic peak to another In the business cycle, a trough marks the end of a(n) _____ and the beginning of a new _____. A)contraction; expansion B)peak; expansion C)expansion; contraction D)peak; contraction E)expansion; peak The part of a business cycle that follows a peak is the: A)trough phase of the cycle. B)break-even point of the cycle. C)peak period of the cycle. D)recessionary phase of the cycle. E)expansionary phase of the cycle. Which of the following signals the start of an expansion? A)A boom period B)A peak C)An inflation D)A contraction E)A trough Which of the following is observed in an economy during the contraction phase of the business cycle? A)Nominal GDP begins to rise B)Real GDP remains constant C)Real GDP begins to fall D)Productivity of resources increase E)The rate of inflation falls The long-run growth in the economy depends on all of the following, except: A)the growth in productive resources. B)the level of technological development in the country. C)the increase in the availability of inputs. D)the increase in the productivity of inputs. E)the total number of contractions witnessed during a decade. Economists call a severe prolonged economic recession a: A)slump. B)depression. C)stagnation. D)stagflation. E)trend. How is recession defined by the National Bureau of Economic Research [NBER]? A)Two consecutive quarters of declining GDP B)A significant decline in total output, income, employment, and trade for six months to one year C)A dramatic decline in unemployment for less than six months D)A sharp increase in money supply and the market rate of interest E)A significant decline in stock prices over three consecutive quarters of a business year The official dating of recessions in the United States is the responsibility of the: A)Bureau of Labor Statistics (BLS). B)Internal Revenue Service (IRS). C)Federal Reserve. D)Congress. E)National Bureau of Economic Research (NBER). Which of the following monthly data series are closely observed by the Business Cycle Dating Committee of the NBER? A)Real personal income less transfer payments B)Wholesale prices of goods C)Real GDP D)Total unemployment E)Real interest rates • Show less

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