The Business Cycle Quiz
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Questions and Answers

Which of the following is a characteristic of the expansion phase of the business cycle?

  • Decrease in employment rates
  • Increase in inflation
  • Decrease in consumer spending
  • Increase in GDP (correct)
  • What is the primary cause of a recession in the business cycle?

  • Increase in consumer spending
  • Decrease in interest rates
  • Decrease in government spending
  • Decrease in business investment (correct)
  • What is the duration of a typical business cycle?

  • 3-5 years
  • 15-20 years
  • 1 year
  • 7-10 years (correct)
  • Study Notes

    Business Cycle Characteristics

    • The expansion phase of the business cycle is characterized by economic growth, increasing production, and rising employment.

    Causes of Recession

    • The primary cause of a recession in the business cycle is a significant decline in aggregate demand, often triggered by a combination of factors such as high interest rates, reduced consumer spending, and supply chain disruptions.

    Business Cycle Duration

    • The duration of a typical business cycle varies, but it usually lasts around 5-7 years, with expansions often lasting longer than recessions.

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    Description

    Test your knowledge of the business cycle with this quiz! Explore the different phases of the cycle, including the expansion phase, and learn about the key characteristics of each. Discover the typical duration of a business cycle and what factors contribute to a recession. Challenge yourself and see how much you know about the ups and downs of the economy.

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