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Questions and Answers
What is the term used to describe the period when a country’s GDP grows?
Which term refers to a severe decline in the US economy during the 1930s?
What is the term for a government's policy to provide relief for workers and create business reform?
Which term describes a decline in a country's GDP for at least 2 quarters?
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What does the term 'Standard of living' refer to?
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Study Notes
Business Cycle
- The business cycle refers to the recurring pattern of economic growth and decline.
- It consists of two main phases: expansion and contraction.
Expansion
- An expansion is a period of economic growth, characterized by an increase in a country's Gross Domestic Product (GDP).
Contraction
- A contraction, on the other hand, is a period of economic decline.
- There are two types of contractions: recession and depression.
Recession
- A recession is a moderate decline in a country's GDP that lasts for at least two quarters.
- It is a milder form of economic decline.
Great Depression
- The Great Depression was a severe decline in the US economy that occurred in the 1930s.
- It was a prolonged and deep economic downturn that had a significant impact on the global economy.
Economic Intervention
- Stimulus refers to a government's policy aimed at providing relief to workers and promoting business reforms during economic downturns.
- The goal of stimulus policies is to help stabilize the economy and promote recovery.
Standard of Living
- The standard of living refers to the basic necessities and comfort essentials required for a decent life.
- It also includes the goods and services that individuals aspire to buy and enjoy.
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Description
Test your knowledge on business cycle, economic terms, and policies related to economic growth and decline. This quiz covers topics such as expansion, great depression, recession, stimulus, and standard of living.
