Ch. 10: The Business Cycle

business cycles in the US

which of the following is characteristic of a downturn in the business cycle?

which of the following is characteristic of a downturn in the business cycle?

which of the following is true during the expansionary phase of the business cycle?

as the economy falls from the peak to the trough of the business cycle:

the total value of goods and services produced within a nation's borders, measured in constant prices refers to:

real GDP measures changes in:

nominal GDP is defined as the:

when calculating nominal GDP, the volume of output is measured using:

in 2009 nominal GDP increased from 14.498 trillion to:

which of the following individuals is part of the labor force?

the labor force is smaller than the total population because the labor force does not include:

people are unemployed if they are over 16 and not working due to:

the unemployment rate is calculated by dividing:

which of the following would be counted as unemployed?

if the population of a country is 1,000,000 people, it's labor force consists of 600,000 and 60,000 people are unemployed, the unemployment rate is:

if the population of a country is 1,000,000 people, it's labor force consists of 500,000 and 40,000 people are unemployed, the unemployment rate is:

if the population of a country is 220 million people, its labor force consists of 115 million, and 99 million are employed, the unemployment rate is:

suppose that in a population of 100 million people, 50 million are in the labor force and 47 million are employed. The unemployment rate is:

which of the following types of unemployment would best characterize a tax accountant's unemployment after tax returns are due?

after quitting one job, some people with marketable skills find that it takes several months to find a new job. This is an example of which type of unemployment?

Samantha quit her job in the city to look for a job in the country. While she is looking, Samantha experiences ___ unemployment

after graduating from college, it takes Kim several months to find a professional job. This is an example of which type of unemployment?

a plumber quits his job in Dallas and moves to San Francisco where additional plumbers are needed, but it takes a couple of months for him to find a job. He is said to be:

frictional unemployment goes up when:

an office worker who loses her job because she does not have the necessary computer skills is, ceteris paribus:

structural unemployment occurs:

automobile workers in Detroit are unemployed because robots are now being used on assembly lies but, at the same time, job vacancies exist for computer programmers. In this case, the automobile workers are an example of:

a teenager without a high school diploma is unable to find work because all of the available jobs require a certain minimum reading level. Which of the following best characterizes the teenager's circumstances?

when the unemployment rate falls to the full-employment level:

if an increase in the price of some goods outweighs other prices that remain constant or decrease then there is:

during a period of inflation:

a decrease in the average level of prices of goods and services is known is:

deflation occurs when the:

when there is no deflation or inflation in an economy:

the price of one good compared to the price of other goods refers to:

which of the following will definitely cause a change in the relative prices of two goods?

if the price of computers falls during a period when the average price level remains constant, which of the following has occured?

which of the following is an essential part of the market mechanism?

Patricia's nominal annual income in 2009 was $60,000. If the rate of inflation is constant at 10%, in order to keep Patricia's real income constant, her nominal income in the year 2010 should be:

Ben's nominal annual income in 2009 was $40,000. If the rate of inflation is constant at 10%, in order to keep Ben's real income constant, his nominal income in the year 2010 should be:

suppose that at the start of this year you got a salary increase of 10% from your employer. The prices of the goods and services you typically purchase increase 10% during the year. At the end of the year you have experienced on balance:

which of the following is an example of the price effect during a period of inflation?

suppose the cost of medical care rose 200 percent from 1990 to 2010, and average prices for the economy rose 150%. Relative to others, people who purchased medical care experienced a:

suppose the cost of milk rose 100 percent from 1990 to 2010, and average prices for the economy rose 133 percent. Relative to others, people who purchased milk experienced a:

which of the following is an example of the income effect during a period of inflation?

generally speaking, which of the following groups would tend to gain real income from the wealth effects of inflation?

which of the following is an example of the wealth effect during a period of inflation?

the value of an original painting, held as an asset, increased in value by 100 percent from 1970 to 2010. Suppose during the same period average prices in the economy rose by 150 percent. The owner of the painting, relative to those who do not own paintings, experienced a:

the value of a piece of land, held as an asset, increased in value by 200 percent, from 1985 to 2010. Suppose during the same period average prices in the economy rose by 165 percent. The owner of the land, relative to those who do not own land, experienced a:

if a market basket of goods cost $100 in the base year and $110 in a later year, then average prices have increased by:

if a market basket of goods cost $100 in the base year and $143 in a later year, then average prices have increased by:

if a market basket of goods cost $100 in the base year and $108 in a later year, then average prices have increased by:

the full employment and balanced goods act of 1978 established a goal for inflation of ____ percent

price stability refers to:

the U.S. goal for price stability:

the CPI tends to overestimate the rate of inflation because: