Year 10 ECB The Business Cycle

Question 1

The lowest point of the buisness cycle is?

Accepted Answer

Trough, Depression

Question 2

All of these are involved in international relations EXCEPT _________.

Accepted Answer

Holidays

Question 3

The movement of an economy through recurring phases is _____________.

Accepted Answer

Business Cycle

Question 4

Generally, the business cycle is measured and tracked in terms of what?

Accepted Answer

GDP

Question 5

___________ continues until it reaches a peak, at which time a recession then begins.

Accepted Answer

Expansion

Question 6

True or False: During a recession, consumers fear the loss of jobs and decreased wages.

Accepted Answer

True

Question 7

What is NOT one of the phases of the Business Cycle?

Accepted Answer

Advantage

Question 8

Economic expansion begins again in this stage.

Accepted Answer

Recovery

Question 9

True or False: The governement's influence over business cycles involves taxes.

Accepted Answer

True

Question 10

Recession is a period of economic slowdown that lasts for at least __________ months.

Accepted Answer

six

Question 11

The ______ can lower interest rates in order to encourage spending by businesses and consumers.

Accepted Answer

Federal Reserve

Question 12

The external economic factors that affect business cycles are all EXCEPT _____________________.

Accepted Answer

Taxes

Question 13

Expanding operations during periods of recovery or expansion involve ________________.

Accepted Answer

Purchasing new equipment, Hiring additional employees, Increasing inventories, Investing in new properties

Question 14

During a period of economic prosperity and recovery, consumers are ________.

Accepted Answer

Optimistic

Questions 14