Copy of Economics 4.02 The Business Cycle_Assignment_v23

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4.02 THE BUSINESS CYCLE Economics Analyze Analyze the graph of real gross domestic product. Download Accessible Version

Answer Use the graph to answer the following questions. 1. What were some years of economic expansion? Provide two ranges of years. You can answer as a range like this: “from year X to year Y, and from Year A to Year D.” Enter your answer to Question 1 here. 2. What were some years of economic contraction? Provide two ranges or years. You can answer as a range like this: “from year X to year Y, and from Year A to Year D.” Enter your answer to Question 2 here. 4.02 THE BUSINESS CYCLE | Economics 2

3. The y-axis shows the value of real GDP in billions of dollars. a. At the peak in 2019, what was U.S. real GDP (approximately)? b. What do you think happened to business investments (I) during this time? Why? c. At the trough in 2009, what was U.S. real GDP (approximately)? d. What do you think happened to consumer spending (C) during this time? Why? Enter your answer to Question 3 here. 4. Which phase of the business cycle was the U.S. economy in between 2015 and 2016? Enter your answer to Question 4 here. 4.02 THE BUSINESS CYCLE | Economics 3

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5. Looking at the trough in 2020, what do you think a government who believed in supply-side economics would do? Do you think that would help or hurt the economy in this case? Enter your answer to Question 5 here. 4.02 THE BUSINESS CYCLE | Economics 4

Rubric ___/60 points Criteria 10 to >8 points 8 to >6 points 6 to >3 points 3 to >0 points 0 points Question 1: Answer correctly indicates two ranges of years of economic expansion. Answer correctly indicates one range of years of economic expansion. Answer is only somewhat correct and may be missing dates . Answer is incomplete or mostly incorrect . Answer is missing . Question 2: Answer correctly indicates two ranges of years of economic contraction. Answer correctly indicates one range of years of economic contraction. Answer is only somewhat correct and may be missing dates . Answer is incomplete or mostly incorrect . Answer is missing . Question 3 a– b: Answers correctly identify both the approximate GDP in 2019 and probable business investments (I) during that time. Answers somewhat correctly identify both the approximate GDP in 2019 and probable business investments (I) during that time. Answers misidentify either the approximate GDP in 2019 or probable business investments (I), or the answer only somewhat correctly identifies both . Answers are incomplete or mostly incorrect . Answers are missing . Question 3 c– d: Answers correctly identify both the approximate GDP in Answers somewhat correctly identify both the approximate Answers misidentify either the approximate GDP in 2009 or Answers are incomplete or mostly incorrect . Answers are missing . 4.02 THE BUSINESS CYCLE | Economics 5

Criteria 10 to >8 points 8 to >6 points 6 to >3 points 3 to >0 points 0 points 2009 and probable consumer spending (C) during that time. GDP in 2009 and probable consumer spending (C) during that time. probable consumer spending ©, or the answer only somewhat correctly identifies both . Question 4: Answer correctly indicates in which stage of the business cycle the U.S. was from 2015–2016. Answer somewhat correctly indicates in which stage of the business cycle the U.S. was from 2015– 2016. Answer attempts to indicate in which stage of the business cycle the U.S. was from 2015–2016, but it is mostly incorrect . Answer is incomplete or incorrect . Answer is missing . Question 5: Answer correctly explains what a government who believed in supply- side economics would do during a recession. An opinion is given regarding whether it might help or hurt the economy in 2020. Answer somewhat correctly explains what a government who believed in supply-side economics would do during a recession. An opinion is given regarding whether it might help or hurt the economy in 2020. Answer doesn’t accurately explain what a government who believed in supply-side economics would do during a recession. Some opinion is attempted regarding whether or not it would help. Answer is incomplete or incorrect . Answer is missing . 4.02 THE BUSINESS CYCLE | Economics 6

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