ECO 561 Week 4 Quiz

Aug 6th, 2016
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1. Business cycles occur when output A. falls below its potential B. rises above its potential C. is fixed at its potential D. fluctuates around its growth trend 2. Which of these statements best describes a complete individual business cycle? A. Movement from peak to trough to peak B. Movement from recession to expansion C. Movement from peak to recession to trough D. Movement from trough to expansion then to peak 3. During the business cycle, the period between the point at which output reaches a high and the point at which it reaches a low is called A. a peak B. a trough C. an expansion D. a recession 4. Which of the following equals the market value of all final goods and services produced in an economy, stated in the prices of a specific base year? A. Nominal GNP B. Nominal GDP C. Real GDP D. Real GNP 5. Imagine a country has a population of 210 million. Within the country there are 95 million people who are employed workers, 50 million people incapable of work

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ECO 561 Week 4 Quiz1. Business cycles occur when outputA. falls below its potentialB. rises above its potentialC. is fixed at its potentialD. fluctuates around its growth trend2. Which of these statements best describes a complete individual business cycle?A. Movement from peak to trough to peakB. Movement from recession to expansionC. Movement from peak to recession to troughD. Movement from trough to expansion then to peak3. During the business cycle, the period between the point at which output reaches a high andthe point at which it reaches a low is calledA. a peakB. a troughC. an expansionD. a recession4. Which of the following equals the market value of all final goods and services produced inan economy, stated in the prices of a specific base year?A. Nominal GNPB. Nominal GDPC. Real GDPD. Real GNP5. Imagine a country has a population of 210 million. Within t

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