Question
Question 1
Question 2
Question 3
Question 4
Question 5
A) The business cycle illustrates the long-run fluctuations of _____. (1 point)
nominal GDP
the dollar's value
real GDP
aggregate supply
A) In a hypothetical economy, current inflation-adjusted economic output is rising and is expected to continue rising in the coming months. This economy is currently in the _____. (1 point)
trough stage of the business cycle
contraction stage of the business cycle
peak stage of the business cycle
expansion stage of the business cycle
A) What is the minimum number of quarters with successive declines in real GDP that must occur before an economy is considered to be in a recession? (1 point)
one
two
four
three
A) In addition to low economic output, recessions are usually characterized by _____. (1 point)
high unemployment
low unemployment
high consumer confidence
deflation
A) A hurricane has recently disrupted supply chains and manufacturing plants in the Southeastern United States. How would this economic impact be classified? (1 point)
static effect
recession
technological advancement
shock
Question 2
Question 3
Question 4
Question 5
A) The business cycle illustrates the long-run fluctuations of _____. (1 point)
nominal GDP
the dollar's value
real GDP
aggregate supply
A) In a hypothetical economy, current inflation-adjusted economic output is rising and is expected to continue rising in the coming months. This economy is currently in the _____. (1 point)
trough stage of the business cycle
contraction stage of the business cycle
peak stage of the business cycle
expansion stage of the business cycle
A) What is the minimum number of quarters with successive declines in real GDP that must occur before an economy is considered to be in a recession? (1 point)
one
two
four
three
A) In addition to low economic output, recessions are usually characterized by _____. (1 point)
high unemployment
low unemployment
high consumer confidence
deflation
A) A hurricane has recently disrupted supply chains and manufacturing plants in the Southeastern United States. How would this economic impact be classified? (1 point)
static effect
recession
technological advancement
shock
Answers
Answered by
GPT-4o mini
Here are the answers to the questions provided:
1. A) The business cycle illustrates the long-run fluctuations of _____.
- **real GDP**
2. A) In a hypothetical economy, current inflation-adjusted economic output is rising and is expected to continue rising in the coming months. This economy is currently in the _____.
- **expansion stage of the business cycle**
3. A) What is the minimum number of quarters with successive declines in real GDP that must occur before an economy is considered to be in a recession?
- **two**
4. A) In addition to low economic output, recessions are usually characterized by _____.
- **high unemployment**
5. A) A hurricane has recently disrupted supply chains and manufacturing plants in the Southeastern United States. How would this economic impact be classified?
- **shock**
1. A) The business cycle illustrates the long-run fluctuations of _____.
- **real GDP**
2. A) In a hypothetical economy, current inflation-adjusted economic output is rising and is expected to continue rising in the coming months. This economy is currently in the _____.
- **expansion stage of the business cycle**
3. A) What is the minimum number of quarters with successive declines in real GDP that must occur before an economy is considered to be in a recession?
- **two**
4. A) In addition to low economic output, recessions are usually characterized by _____.
- **high unemployment**
5. A) A hurricane has recently disrupted supply chains and manufacturing plants in the Southeastern United States. How would this economic impact be classified?
- **shock**