JAers' Challenge

What type of unemployment is caused by contractions in the business cycle?

• structural

• seasonal

• cyclical

• frictional

What is GDP?

• Gross Domestic Product

• Get Duties Prior

• Gross Department Power

• Gross Duties Peer

A period of macroeconomic expansion or growth, followed by a period of contraction, or decline.

• Business Cycle

• Circular Flow

• Equilibrium

• GDP

Which of the following is NOT TRUE of GDP?

• It considers the market value of both intermediate and final goods and services.

• It includes the market value of all final goods and services.

• It includes all final goods and services produced in the nation within a set time period.

• Consumer spending is a big factor in the expenditure model of GDP.

What would be the effect of an increase in imports?

• Increase AD

• Decrease AD