2 The standard definition of a “recession” is Select one: a. two or more consecutive quarters of falling Real GDP. b. the lowest point in a business cycle. c. the declining production phase of a business cycle
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2
The standard definition of a “recession” is
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- 43. Which of the following variables does NOT cause business cycles, according to classical economics? (A) Technological growth. (B) Immigration. (C) Capital accumulation. (D) Money supply. 44. Suppose that there is a sudden fall in consumption. What happens to the economy in the long-run? (A) A fall in output and a fall in prices. (B) A rise in prices. (C) A rise in output. (D) A fall in prices but not in output.QUESTION 9 Figure: The Business Cycle Real GDP A Reference: Ref 10-1 B Years (Figure: The Business Cycle) Point C on this graph shows: A. a peak. B. an expansion. C. a trough. D. a recession.Generally, as the proportion of middle-income households in a country __________, the __________ a nation's purchasing power tends to be. A. increases; greater B. increases; less C. decreases; greater D. decreases; less E. There is no relationship at all
- 2. Alternative price indexes Because there isn't one single measure of inflation, the government and researchers use a variety of methods to get the most balanced picture of how prices fluctuate in the economy. Two of the most commonly used price indexes are the consumer price index (CPI) and the GDP deflator. The GDP deflator for this year is calculated by dividing the using by the using and multiplying by 100. However, the CPI reflects only the prices of all goods and services Indicate whether each scenario will affect the GDP deflator or the CPI for the United States. Check all that apply. Shows up in the... GDP Scenario Deflator CPI A decrease in the price of a Treewood Equipment feller buncher, which is a commercial forestry machine made in the U.S. but not bought by U.s. cons consumers An increase in the price of a Japanese-made television that is popular among U.S. consumers5. All of the following are requirements for reducing inflation without causing a recession except: a. workers and firms must form expectations rationally. b. the plan must be announced before expectations are formed. c. the plan must be believed by workers and firms. d. the government's budget must be balanced.2. Aggregate supply (AS) denotes the relationship between the __________________ that firmschoose to produce and sell and the _________________, holding the price of inputs fixed.(A) total quantity; price level for output (B) type of goods; input price of raw materials(C) price of goods; number of employees (D) total inputs; types of goods
- 3- The lowest part of a recession is referred to as its _________. a. Depression b. Boom c. Peak d. Trough5. Multiple Choice Question. will lower inflationary (price-increasing-) Which of the following expectations? A. The Central Bank's announcement that it will steadily reduce the money supply. B. The government's announcement that it will increase spending on infrastructure. C. An increase in the value of stock prices. D. An increase in consumer and business optimism.2. Alternative price indexes Because there isn't one single measure of inflation, the government and researchers use a variety of methods to get the most balanced picture of how prices fluctuate in the economy. Two of the most commonly used price indexes are the consumer price index (CPI) and the GDP deflator. The GDP deflator for this year is calculated by dividing the by the using using and multiplying by 100. However, the CPI reflects only the prices of all goods and services Indicate whether each scenario will affect the GDP deflator or the CPI for the United States. Check all that apply. Shows up in the... GDP Scenario Deflator CPI An increase in the price of a German-made car that is popular among U.S. consumers A decrease in the price of a Treewood Equipment feller buncher, which is a commercial forestry machine made in the U.S. but not bought by U.S. consumers Grade It Now Save & Continue Continue without saving
- 2. Alternative price indexes Because there isn't one single measure of inflation, the government and researchers use a variety of methods to get the most balanced picture of how prices fluctuate in the economy. Two of the most commonly used price indexes are the consumer price index (CPI) and the GDP deflator. The GDP deflator for this year is calculated by dividing the using by the using and multiplying by 100. However, the CPI reflects only the prices of all goods and services Indicate whether each scenario will affect the GDP deflator or the CPI for the United States. Check all that apply. Shows up in the... GDP Scenario Deflator CPI An increase in the price of a German-made television that is popular among U.S. consumers. A decrease in the price of a Treewood Equipment feller buncher, which is a commercial forestry machine made in the U.S. but not bought by U.S. consumers12. If _____ is rising, it likely means that the economy is shrinking. A. consumer spending B. nominal GDP C. the Consumer Price Index D. the unemployment rate21 Using the table below, find the average duration, the minimum duration, and the maximum duration of expansions in the United States since 1929. Recession Duration (months) Highest Unemployment Rate (%) 24.9 Duration of subsequent expansion (months) 50 Peak date Trough date (end) Mar. 1933 Change in real GDP (%) (beginning) Aug. 1929 May 1937 Feb. 1945 00:58:27 43 --28.8 June 1938 13 19.0 -5.5 80 Skipped Oct. 1945 8. 3.9 -8.5 37 Nov. 1948 Oct. 1949 11 5.9 -1.4 45 July 1953 Aug. 1957 Apr. 1960 Dec. 1969 May 1954 Apr. 1958 Feb. 1961 10 5.5 -1.2 39 8. 6.8 -1.7 24 10 6.7 2.3 106 Nov. 1970 11 5.9 0.1 36 Nov. 1973 Mar. 1975 16 8.5 -1.1 58 12 July 1980 Nov. 1982 Jan. 1980 6. 7.6 -0.3 -2.1 92 July 1981 July 1990 Mar. 2001 16 9.7 Mar. 1991 8° 7.5 -0.9 120 Nov. 2001 8 5.8 0.8 73 Dec. 2007 June 2009 18 10.0 -4.1 na Instruction: Enter your responses as whole numbers. me Average duration: Minimum duration: Maximum duration: Are expansions getting longer or shorter on average over time? (Click to…
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