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The Business Cycle/GDP Flashcards | StudBud
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The Business Cycle/GDP
The Business Cycle/GDP
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Questions
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Answers
1
Economic expansion begins again in this stage.
Depression
Prosperity
Recovery
Recession
2
Net exports are...
Imports minus exports
Exports minus imports
Exports minus taxation
Imports minus taxation
3
During a recession, consumers fear the loss of jobs and decreased wages.
True
False
4
Recession is a period of economic slowdown that lasts for at least __________ months.
twelve
three
nine
six
5
Limiting operations during periods of recession includes hiring more workers.
True
False
6
Generally, the business cycle is measured and tracked in terms of what?
GDP
Inflation
Taxes
Debt
7
Gross Domestic Product
is last week's dirty socks
are the products made in other countries
is the value of all goods and services produced in a year.
is measured using quality-of-life factors.
8
During a period of economic prosperity and recovery, consumers are usually:
Doubtful
Depressed
Worried
Optimistic
9
Expanding operations during periods of recovery or expansion involve ________________.
New investments
Hiring additional employees
Increasing production
Purchasing new equipment
10
The government has great influence over the business cycle.
True
False
11
Which is included in the Gross Domestic Product calculation?
Goods & Services
Intermediate Products
Secondhand Sales
Nonmarket Transactions
12
___________ continues until it reaches a peak, at which time contraction begins.
Recession
Depression
Expansion
Recovery
13
what is not included in Gross domestic product?
government spending
net exports
non-market + illegal activities
intermediate goods
14
What is
NOT
one of the phases of the Business Cycle?
Recovery
Depression
Recession
Advantage
15
The economic factors that affect business cycles include all
EXCEPT _____________________.
Political changes
Taxes
War
International relations
16
The Genuine Progress Indicator:
Measures improvement in the environment
Does not include spending on exports and imports
Like GDP but includes the real costs of resources contributing to growth
Measures how well a nation provides basic human needs
17
What is the most important part of Gross Domestic Product's calculations?
Business Investment
Net Exports
Government Spending
Consumer Spending
18
The lowest point of the buisness cycle is?
Expansion
Trough
Depression
Recession
19
The Genuine Progress Indicator:
Measures overall progress in meeting living standards
All of the above
Was developed in the late 1980s
Takes into account positive and negative adjustment factors
20
The movement of an economy through recurring phases is the/a/an:
Business Cycle
Depression
Recession
Expansion
