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Business Cycles and Recessions
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Business Cycles and Recessions

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Questions and Answers

Which of the following is NOT a characteristic of business cycles?

  • Fluctuations in macroeconomic variables
  • Changes in real income
  • Expansion followed by recession
  • Stable economic activity (correct)

    • How is a recession defined in the United States?

  • A decline in real GDP and real income
  • A decline in economic activity lasting more than a few months (correct)
  • A decline in wholesale-retail sales
  • A decline in industrial production and employment

    • What is typically used to measure business cycles?

  • Employment
  • Real income
  • Real Gross Domestic Production (correct)
  • Wholesale-retail sales

    • How do individual episodes of expansion and recession occur in business cycles?

    <p>With changing duration and intensity over time</p> Signup and view all the answers

    Which of the following is a common characteristic of business cycles?

    <p>Periods of expansion followed by recession</p> Signup and view all the answers

    What is one way to measure business cycles?

    <p>Real Gross Domestic Product</p> Signup and view all the answers

    How is a recession defined in the United States?

    <p>A significant decline in economic activity spread across the market</p> Signup and view all the answers

    What are business cycle fluctuations usually characterized by?

    <p>Periods of expansion and recession</p> Signup and view all the answers

    How do individual episodes of expansion and recession occur in business cycles?

    <p>They occur with changing duration and intensity over time</p> Signup and view all the answers

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