Understanding Business Cycles
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Questions and Answers

What term is used to describe the period of time during which aggregate activity is falling?

  • Contraction (correct)
  • Expansion
  • Trough
  • Depression

    • What is the term for the highest point of aggregate economic activity in a business cycle?

  • Depression
  • Expansion
  • Peak (correct)
  • Trough

    • During expansions, what tends to happen to output and employment in most industries?

  • They rise (correct)
  • They fall
  • They remain constant
  • They become unpredictable

    • What term is used to describe a severe contraction in a business cycle?

    <p>Depression</p> Signup and view all the answers

    How is a business cycle typically measured?

    <p>From peak to trough</p> Signup and view all the answers

    Which term is used to describe the period of time during which aggregate activity grows in a business cycle?

    <p>Expansion</p> Signup and view all the answers

    What is the correct term for the lowest point of aggregate economic activity in a business cycle?

    <p>Trough</p> Signup and view all the answers

    During a recession in a business cycle, what tends to happen to output and employment in most industries?

    <p>Fall</p> Signup and view all the answers

    What term is used to describe fluctuations in the overall economic activity, not just a single variable like real GDP?

    <p>Business cycles</p> Signup and view all the answers

    In a severe contraction phase of a business cycle, what term is used to describe this condition?

    <p>Depression</p> Signup and view all the answers

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