LT 4.2 Econ Formative

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4.2: I can use the business cycle to explain how overall levels of output, employment, and prices in an economy fluctuate.

MUST SCORE 3/4 on this quiz. Retake as many times as needed!

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1. A decline in economic activity (and real GDP) over a period of at least six months is called a *

1 point

recession

depression

contraction

panic

2. Which of the following would occur during the expansion phase of the business cycle? *

1 point

increasing GDP and decreasing unemployment

increasing unemployment and declining GDP

decreasing GDP and deflation

falling inflation and falling employment

3. Business Cycle

3. During the period identified by the star, in the business cycle, which of the following events are most likely occurring *

1 point

Unemployment is rising

GDP is rising

Wages are increasing

Taxes are decreasing

4. What happens to real GDP, prices and unemployment at the peak of a business cycle? *

1 point

Real GDP grows, prices rise, and unemployment is low.

Real GDP grows, prices fall, and unemployment is low.

Real GDP shrinks, prices rise, and unemployment is low.

Real GDP shrinks, prices fall, and unemployment is low.

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