The business cycle is defined as....

Economic movement from one condition to another & back again

Prosperity is the condition when

The business cycle is at its high point.

Gross Domestic Product is

The total value of all FINAL goods&services produced in a yr

The business cycle is defined as which of the following

Economic movement from 1 condition to another & back again

Is a solid measure of overall growth in an economy.

Which of the following is the correct sequence of the phases of the business cycle?

Prosperity, recession, depression, recovery

An increase in the general price level

This is measured in terms of the number of items produced per worker

Productivity or labor productivity

A decrease in the general price level

The future of our economy is characterized by

Changes in the business cycle that must be faced.

Which of the following is NOT true about inflation?

It is one problem that our country hasn't had to worry about

Which of the following would NOT be counted in computing GDP?

Building a bird house for your own yard.

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Chapter 4 Economic Measurements

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How do we measure the strenght of our economy?

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Questions 20

Answers

1
The business cycle is defined as....
All FINAL good/service produced in a country in one year
The ups and downs of life
Economic movement from one condition to another & back again
The GDP divided by the total population of a country
2
When the effect of price changes is taken out of the GDP, we have
Inflated GDP
Price Effective GDP
Real GDP
Undervalued GDP
3
Prosperity is the condition when
Businesses are beginning to lay off workers
Interest rates are low.
Demand for goods and services is weak.
The business cycle is at its high point.
4
Gross Domestic Product is
The total value of all FINAL goods&services produced in a yr
The total value of all services produced in a year.
None of the above.
The total value of all goods produced in a year.
5
The business cycle is defined as which of the following
Total value of final goods&services produced in 1 country/yr
Economic movement from 1 condition to another & back again
Yr chosen to compare item's (price) to the same item next yr
The GDP divided by the total population of a country
6
We measure economic performance by calculating
Per capita output
Gross domestic product
All the above
Labor productivity
7
The year chosen to compare data such as GDP is known as the
Base year.
GDP year
Comparative year.
Calculating year.
8
Which of the following is true about the business cycle?
There are recurring ups and downs.
There is a pattern of good times to bad times and back again
It has four phases.
All of the above.
9
Growth in GDP
Doesn't tell us much about the economy
Leaves too many things out to be considered any good
Is a poor measure of the overall growth in an economy.
Is a solid measure of overall growth in an economy.
10
Which of the following is the correct sequence of the phases of the business cycle?
Prosperity, recession, depression, recovery
Recovery, recession, depression, prosperity
Prosperity, recovery, recession, depression
Prosperity, recession, recovery, depression.
11
Inflation is....
None of your business
What I need to do to my tires on my car
An increase in the general price level
A decrease in the general price level
12
Which is true about "Economic Growth"
All of the above
Refers to steady increase in production of goods/services.
Its important to understand how to measure Economic Growth
Many different methods to check the growth of an economy.
13
This is measured in terms of the number of items produced per worker
Productivity or labor productivity
All of the above
Constant dollar GDP
GDP
14
What does GDP stand for
Good Donkeys Prance
Gross Domestic Product
Gray Dingy People
Because it is tired of sitting
15
Deflation is
An increase in the general price level
A decrease in the general price level
The reason I had to inflation my tire on the last question
Tom Brady's fault
16
In some countries, the annual rate of inflation is 300 to 400%. This phenomenon is known as
Hyperinflation
Immense Inflationary Tariffs
Outsized Outputs
Inflationary High
17
The future of our economy is characterized by
No serious problems to face.
Changes in the business cycle that must be faced.
Decrease in the use of technology
Too few workers for the jobs that will exist.
18
Which of the following is NOT true about inflation?
In general, most people think inflation is harmful.
Prices of goods and services rise faster than wages
It is one problem that our country hasn't had to worry about
It is a sustained increase in the general level of prices.
19
GDP is the value of gross domestic product after taking out the effect of price changes
Per Capita
Price
Productive
Constant dollar
20
Which of the following would NOT be counted in computing GDP?
A tie you sold at J.C. Penny’s.
All of the above.
Burgers you flip on your job at McDonald’s.
Building a bird house for your own yard.

Chapter 4 Economic Measurements Flashcards | StudBud