The phase of the business cycle where economic activity is decreasing is called a) peak. O b) expansion. Oc) trough. O d) deflator. O e) contraction.
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- Economists find in a business cycle, a peak represents the end of, and a trough represents the end of Select one: a. an expansion; a recession O b. a depression; an expansion O c. a recession; an expansion O d. a trough; a peakDuring a business cycle expansion, total production and total employment Select one: O a. decreases; decreases O b. increases; decreases C. increases; increases O d. decreases; increasesQUESTION 21 A E В Time In the accompanying diagram, which phase of the business cycle would be most closely associated with an economic contraction? O a.B Ob.A O.D Od.C Level of Business Activity
- The table lists real GDP and the population in the United States. In which year did the standard of living increase and in which year did the standard of living decrease? Explain The standard of living increased in The standard of living decreased in OA. none of the years given in the table; every year given in the table because the United States experienced a recession between 2006 and 2009 OB. 2007 because real GDP per person increased; 2008 and 2009 because real GDP per person decreased OC. 2008 and 2009 because real GDP per person increased; 2007 because real GDP per person decreased OD. every year given in the table because the standard of living is constantly increasing: none of the years given in the table Show Transcribed Text Year 2006 2007 2008 2009 Real GDP (trillions) $13.0 $13.2 $13.2 $12.8 Ć Population (millions) 300 302 304 307Macroeconomic indicators can be categorized as "leading" or "lagging". Which one in the list below is not a lagging indicator? Select one: O O a. The Consumer Price Index b. Labor market statistics c. Commodity prices d. Retail SalesIn a strong, growing economy, what happens to the number of jobs and types of jobs? O The number of jobs grows and the types of jobs grow as well. O The number of jobs varies with the old types of jobs and the new types of jobs. O There are fewer workers in each type of job as machines replace them, though there is no change in the types of jobs. The average trend is that there is an increase in the number of jobs but some types of jobs cease to exist while other, new types of jobs replace them. Which of the following is the best example of frictional unemployment? * John, a coal miner, was laid off because of a lack of demand for workers in his O industry. He is looking into new opportunities in computer programming, but they require him to gain some new skills. Heather recently graduated with her doctorate in economics. She is searching for a job that matches her skills. Peter, a highly skilled construction worker, lost his job when the recession began. He is looking for work, but…
- Which of the following is NOT a problem associated with using GDP as a measure of economic performance. O A. It cannot account for the production a proffesional plumber does in his home. O B. It does not account for the welfare of individuals in the economy. OC. It does not include the value of production in the informal sector. OD. It provides a basis to express future forecasts of aggregate demand.Real GDP is equal to the sum of current year prices multiplied by base year quantities. Select one: O True O Falseand a trough In a business cycle, a peak represents the end of represents the end of Select one: a. a trough; a peak b. a depression; an expansion C.a recession; an expansion d. an expansion; a recession
- QUESTION 11 Nominal GDP Real GDP 2000 Time Refer to the accompanying graph. The year 2000 must be the O a. year when depreciation or capital consumption equaled zero. O b. base year of the GDP price index. Oc. point in time when GDP equaled 100. O d. year when the GDP price index is zero. Nominal and Real GDP ($)Changes in gross domestic product result in: deflation. an increase in frictional unemployment. O business cycle fluctuations. O a drop in the consumer price index.← The computation of the average annual growth rate of real GDP O A. is more complex when examining data for a long period of time than when examining data for only a few years. OB. involves computing the percentage change in real GDP between the first year and the last year for the period being examined. OC. is the same for shorter periods of time as for longer periods of time. OD. involves simply averaging the growth rate for each year, but only if data for many years are available What is the best use of the rule of 70 among those listed below?