DeVry ECON 312 Week 5 Quiz
Question 1
Recurring upswings and downswings in an economy’s real GDP over time are called
A. recessions.
B. business cycles.
C. output yo-yos.
D. total product oscillations.
Question 2
In the United States, business cycles have occurred against a backdrop of a long-run trend of
A. declining unemployment.
B. stagnant productivity growth.
C. rising real GDP.
D. rising inflation.
Question 3
In which of the following industries or sectors of the economy will business cycle fluctuations likely have the greatest effect on output?
A. military goods
B. capital goods
C. textile products
D. agricultural commodities
Question 4
During a severe recession, we would expect output to fall the most in
A. the health care industry.
B. the clothing industry.
C. agriculture.
D. the construction industry.
Question 5
The phase of the business cycle in which real GDP declines is called
A. the peak.
B. an expansion.
C. a recession.
D. the trough.
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Question 6
A recession is defined as a period in which
A. cost-push inflation is present.
B. nominal domestic output falls.
C. demand-pull inflation is present.
D. real domestic output falls.
Question 7
Most economists agree that the immediate cause of most business cycle variation is
A. an unexpected change in the productivity of workers.
B. an unexpected change in the level of total spending.
C. the invention of new products.
D. the growth and subsequent bursting of financial bubbles
Question 8
The United States’ economy is considered to be at full employment when
A. about 5 to 6 percent of the total population is unemployed.
B. 90 percent of the labor force is employed.
C. about 5 to 6 percent of the labor force is unemployed.
D. 100 percent of the labor force is employed.
Question 9
According to the Bureau of Labor Statistics, to be officially unemployed a person must
A. be in the labor force.
B. be 21 years of age or older.
C. have lost a job.
D. be waiting to be called back from a layoff.
Question 10
The labor force includes
A. employed workers and persons who are officially unemployed.
B. employed workers but excludes persons who are officially unemployed.
C. full-time workers but excludes part-time workers.
D. permanent employees but excludes temporary employees.
