Question Details

The business cycle refers to



1) The business cycle refers to
A) fluctuations in the level of real GDP around potential GDP.
B) changes in the level of nominal GDP.
C) changes in the level of the stock market.
D) changes in the level of employment.
2) A business cycle is
A) the pattern of short-run upward and downward movements in total output.
B) the increase in consumer spending that accompanies an increase in disposable income.
C) the cyclical change in the nationʹs balance of trade.
D) the cyclical movement in the interest rates.
3) The business cycle is the
A) regular growth rate of the real GDP.
B) regular fluctuations of real GDP below potential GDP.
C) irregular fluctuations of prices around real GDP.
D) irregular fluctuations of real GDP around potential GDP.
4) Business cycles are
A) irregular, with some having two recessions and no expansion.
B) predictable, with a recession following a trough.
C) unpredictable, but always have two phases and two turning points.
D) unpredictable, and donʹt always have two phases and two turning points.
5) Business cycles
A) are more volatile during a Republican administration.
B) are unpredictable due to political upheavals and global markets.
C) follow a pattern of trough, expansion, peak and recession.
D) are all identical in duration over the last century.




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