15 Multiple choice questions

Definition: the height of an economic expansion, when real GDP stops rising

• Trough

• Recovery

• Peak

• Boom

Definition: unemployment that results because the number of jobs available in some labor markets is insufficient to provide a job for everyone who wants one

• Discouraged Worker

• Seasonal Employment

• Structural Employment

• Frictional Employment

Definition: unemployment that occurs as a result of harvest schedules or vacations, or when industries slow or shut down for a season

• Seasonal Unemployment

• Technological Unemployment

• Frictional Unemployment

• Structural Unemployment

Definition: The key measure of inflation- the change in the cost of buying a fixed basket of goods and services.

• Employment Cost Index

• Gdp Price Index

• Consumer Price Index

• Producer Price Index

Definition: bottom of wave

• Boom

• Recovery

• Trough

• Peak

Definition: A measurement of the total goods and services produced within a country.

• Consumer Price Index

• Gross National Product (gnp)

• Gross Domestic Product (GDP)

• Gross National Income (gnl)

Definition: unemployment caused by a business cycle recession

• Frictional Unemployment

• Natural Unemployment

• Cyclical Unemployment

• Structural Unemployment

Definition: a period of economic decline marked by falling real GDP

• Trough

• Expansion

• Contraction

• Recovery

Definition: Increase in the production of goods and services.

• Inflation

• Economic Efficiency

• Economic Growth

• Productivity

Fluctuations in economic activity, such as employment and production

• Contraction

• Recession

• Expansion

• Business Cycle