Unit 9 Business Cycle/Fiscal Policy

As the stock market gets healthier & investments increase, the business cycle is likely to be at which phase?

• A period of expansion

• A period of deflation

• A period of recession

• A period of apathy

What economic model best represents the product and factor markets?

• Business Cycle

• Circular Flow

• Monopolistic Gerrymandering

• Invisible Hand

What best describes a recession?

• Low unemployment

• Increase in business productivity

• High unemployment

• Increase in consumer spending

At what point in the business cycle does the economy experience six months or more of decline in the GDP?

• Inflation

• Expansion

• Recession

• Peak

What measures a nation’s productivity?

• Gross Domestic Product

• Producer Price Index

• Consumer Price Index

• US, Mexico, Canada Agreement

A steady increase in the general level of prices is known as...?

• Inflation

• Deflation

• Stagflation

• Deflategate

Fiscal Policy is...?

• Your morning workout

• The government's use of taxes and spending to influence the economy.

• decided by the President

• best left to the experts

Which of the following does NOT contribute to the standard of living?

• income

• education

• housing quality

• circular flow

What market situation exists if John is selling just as many hot dogs as he makes?

• Surplus

• Shortage

• Complement

• Equilibrium point

Adam Smith supported “laissez-faire” and the Invisible Hand Theory. Which of the following did he feel should have a minimal role in the economy?

• Consumers

• Producers

• Government

• Private Citizens