03 Jun Question 1. Business cycles occur when output
Question
1. Business cycles occur when output
Hint: Business cycles fluctuate over time around the linear trend of gross domestic product (GDP).
A. falls below its potential
B. rises above its potential
C. is fixed at its potential
D. fluctuates around its growth trend ]
2. Which of these statements best describes a complete individual business cycle?
Hint : A complete business cycle is measured from the initial peak to the next peak.
A. Movement from peak to trough to peak
B. Movement from recession to expansion
C. Movement from peak to recession to trough
D. Movement from trough to expansion then to peak
3. During the business cycle, the period between the point at which output reaches a high and the point at which it reaches a low is called
Hint : After a period of economic expansion, the economy usually contracts. This contraction would be characterized by higher unemployment and a declining GDP.
A. a peak
B. a trough
C. an expansion
D. a recession
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