Solved by verified expert :2)
A period in which real GDP in the economy declines for at least six months is
referred to as
A)
long term growth.
B)
a recession.
C)
a positive fluctuation.
D)
living standards.
3)
Business cycles are
A)
movements in stock prices.
B)
the transfer of executives between firms.
C)
used to describe fluctuations in GDP.
D)
a description of the time required to bring a new product to market.
4)
When real GDP falls for two consecutive quarters the economy is in a
A)
depression.
B)
recession.
C)
peak.
D)
trough.
5)
The date at which a recession starts is called the
A)
trough.
B)
peak.
C)
plateau.
D)
depression.
6)
The period of time in which the level of output moves from a trough to a peak
is called a
A)
recovery.
B)
depression.
C) contraction.
D)
plateau.
7)
From World War II through 2010, the United States experienced ________
recessions.
A)
2
B)
5
C)
11
D)
15
8)
A depression is
A)
a severe recession.
B)
a sustained economic upturn.
C)
another word for a bull market.
D)
the period of time following a peak in the business cycle.
9)
How many quarters (3-month periods) must the “real” GDP decline to
have the economy considered to be in a recession?
A)
1
B)
2
C)
3
D)
4
10)
The “expansion” of an economy occurs after
A)
firms produce more goods.
B)
people spend more money.
C)
a trough.
D)
an inflationary period.
11)
The common term for a severe recession is a
A)
downturn.
B)
depression.
C)
bottoming out.
D)
economic adjustment.
