Podcast
Questions and Answers
What term is used to describe the period of time during which aggregate activity is falling?
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?
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?
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?
What term is used to describe a severe contraction in a business cycle?
How is a business cycle typically measured?
How is a business cycle typically measured?
Which term is used to describe the period of time during which aggregate activity grows in a business cycle?
Which term is used to describe the period of time during which aggregate activity grows in a business cycle?
What is the correct term for the lowest point of aggregate economic activity in a business cycle?
What is the correct term for the lowest point of aggregate economic activity in a business cycle?
During a recession in a business cycle, what tends to happen to output and employment in most industries?
During a recession in a business cycle, what tends to happen to output and employment in most industries?
What term is used to describe fluctuations in the overall economic activity, not just a single variable like real GDP?
What term is used to describe fluctuations in the overall economic activity, not just a single variable like real GDP?
In a severe contraction phase of a business cycle, what term is used to describe this condition?
In a severe contraction phase of a business cycle, what term is used to describe this condition?
