Economics Chapter 13

A trend line is

What does a trough indicate?

Which of the following is true about inflation?

Which group has the highest employment rate in the U.S.?

Economists define any decline in real GDP that lasts at least two quarters as a

Which of the following indicates what would happen to the economy if it were not interrupted by alternating periods of recession and recovery?

What is the first step in constructing a price index?

Which of the following is a form of instability that reverses economic growth?

Which of the following is a characteristic of the long-term unemployed?

Combination of inflation and unmoving economic growth

A practice in which outside firms are hired to perform non-core operations to lower operating costs

point in time when real GDP stops declining and begins to expand

point in time when real GDP stops expanding and begins to decline

unofficial currency issued by towns, chambers of commerce, and other civic bodies during the 1930s

statistical series used to measure changes in the price level over time

Macroeconomic expression used to describe how the economy is expected to perform in the future

Opportunity cost of unemployed resources

jobs lost directly related to swings in the business cycle

monthly series of reports used to measure prices received by domestic producers

A sudden rise in the price of cotton raises the price of clothing and household products. This is an example of

The sum of all persons age sixteen and above who are either employed or actively seeking employment.

The number of unemployed individuals divided by the total number of persons in the civilian labor force

The sum of the monthly inflation and unemployment rates

Which economic indicator would most likely indicate an upcoming economic expansion?

Which person would not be included in the civilian labor force?

when the general level of prices rises, the economy is experiencing ________

Which of the following statements best defines the first phase of a business cycle?

Which type of unemployment is natural in a free market economy, where workers have the freedom to change occupations?

Which of the following is the index used to measure changes in gross domestic product?

Which of the following is a factor in preventing economic growth?

A customer service representative loses his job because his company adopted a new software that does most of his job automatically. This is an example of

How did business cycles change after World War II?

A decrease in the general level of prices of goods and services

A representative collection of goods and services used to compile a price index

Persons of institutions that owe money

Persons or institutions to whom money is owed

A decline in real GDP lasting at least two quarters or more is called a _____

Which of the following is included in the unemployment rate?

What type of unemployment occurred when the government closed military bases in the 1990s?

The bursting of the housing bubble in 2006-2007 negatively affected consumer buying power and was largely responsible for the Great Recession in 2008-2009

A statistical series that normally turns down or turns up after economy turns up is a leading economic indicator

What conditions stop the economy from growing and turn an expansion into a contraction?

How are the effects of U.S. inflation rates felt around the world?

Which of the following is not a cause if inflation?

Which of the following is NOT a form of unemployment?

Which of the following describes demand-pull inflation?

Inflation characterized by rising input costs, especially energy and organized labor, which drive up the cost of products for manufacturers is called

A period of recovery from a recession is known as