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The Economic and Business Environment - The business cycle Flashcards | StudBud
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The Economic and Business Environment - The business cycle
The Economic and Business Environment - The business cycle
20 terms
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StudBud Administration
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A quiz to study the business cycle #deca #businesscycle #theeconomicandbusinessenvironment #commerce
Flashcards
20 cards
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Questions
20
Answers
1
While in the ______ phase help from the government may be required.
Contraction
Expansion
Boom
Peak
2
What does #1 represent?
Expansion
Boom
Depression
Recession
3
What does GDP stand for?
Gross Domestic Product
Growth Domestic Product
Government Distributing Products
Gross Domestic Price
4
When there is unstable growth, what phase is this?
Expansion
Boom
Contraction
Recession
5
What is a key feature of the Contraction phase?
Decreased consumer spending
Rising levels of production
Increased consumer spending
Interest rates rise
6
What does #4 represent?
Depression
Boom
Recession
Expansion
7
What does #2 represent?
Depression
Expansion
Recession
Boom
8
Law of demand
Price increase = demand increase
Price decrease = demand decrease
Price increases = demand decrease.
Price decreases = demand increase.
9
Economic activity goes up during this phase of the business cycle
Expansion
Contraction
Peak
Recession
10
Over the_____ term, a business cycle will show an upward growth trend.
long
short
11
When demand exceeds supply, this is during the _____ phase.
Contraction
Expansion
Boom
Recession
12
What does #3 represent?
Depression
Boom
Expansion
Recession
13
Investment and prices fall during the _______ phase.
Expansion
Recession
Boom
Depression
14
Low unemployment rates are part of this phase
Depression
Recession
Expansion
Boom
15
During which phase is GDP at its lowest point?
Boom
Expansion
Depression
Recession
16
What is a key feature of the Expansion phase
Inflation falls
decreased consumer spending
Wages rise
Interest rates fall
17
During what phase do unemployment rates rise?
Boom
Peak
Expansion
Recession
18
The business cycle is a fluctuation of ________ over time.
prices
spending
economic activity
growth
19
Over the ______ term, a business will show a wave like pattern.
medium
short
middle
long
20
Which of the following is not a phase of the business cycle?
Expansion
Recession
Contraction
Unemployment
