Fall 2024 - MACRO - Business Cycle and GDP - Per 1

Front

Macroeconomics approaches the study of economics from the viewpoints of the entire economy.

Back

the entire economy

Front

If a news headline says, "Finally!!! 2 straight months of increased jobs." Where on the business cycle is the current economy?

Back

Expansion

Front

If a news headline says, "3 months of consecutive job losses is impacting consumer confidence." Where on the business cycle is the current economy?

Back

Contraction

Front

Which of the following is an expansion, or recovery? A, B, C, D

Back

D

Front

If GDP falls for at least two quarters, it is considered what stage of the business cycle?

Back

Recession

Front

What is the total value of all final goods and services produced in the economy in a given year?

Back

Gross Domestic Product (GDP)

Front

What term describes a period of economic decline during which trade and industrial activity are reduced?

Back

Recession

Front

Which of the following is a common characteristic of a recession? High consumer confidence, Rising GDP, Increased unemployment, Rapid industrial growth

Back

Increased unemployment

Front

During a recession, what typically happens to consumer spending?

Back

It decreases

Front

What is a key indicator that an economy is entering a recession?

Back

Declining GDP for two consecutive quarters