Econ Study Guide

The market value of all final goods and services in an economy produced by resources owned by people of that economy:

The sum of payments made to resource owners for the use of their resources is:

GDP underestimates our economic well-being:

In the circular flow model, who is a seller in the factor markets and a buyer in the product markets?

Capital goods, like factories and machinery, are classified as intermediate goods.

Fixed investment refers to investment in stocks, bonds, and improvements to land.

Intermediate goods are included and final goods are not included in calculating gross domestic product.

Which of the following would be included in the government expenditures component of GDP?

Capital goods, like factories and machinery, are classified as intermediate goods.

To construct GDP, exports:

To get Personal Income from National Income, one must:

Which of the following would be counted as a final good for inclusion in GDP?

The GDP of a country can be derived by summing the:

How do we measure economic growth?

Economists use the phrase "business cycle" when referring to fluctuations in:

The period of declining growth in real GDP between the peak of the business cycle and the trough is called a:

Which of the following is associated with peaks in the business cycle?

The period of growth in real GDP between the trough of the business cycle and the next peak is called the:

Which of the following will most likely occur during the recessionary phase of a business cycle?

Which of the following will most likely occur during the expansionary phase of a business cycle?

Economists usually use the term "recession" to refer to:

Which of the following is true of the business cycle record of the United States?

The period during which real GDP falls during a business cycle is called:

The phase of the business cycle that follows a recession is known as the:

As a general rule, a recession is a decline in real GDP lasting at least:

As a general rule, a recession occurs when there is a six consecutive month fall in:

Since World War II, the average length of recessions in the United States has been:

A business cycle is the period of time in which:

What stage of the business cycle immediately follows the trough?

The ____ phase of the business cycle follows a recession.

A phase in the business cycle in which the economy's real GDP declines is known as:

A long and deep recession in the business cycle is: