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Economics Final

Business Cycle
Recurring upswings and downswings in an economy’s real GDP over time are called:
Rising Real GDP
In the United States, business cycles have occurred against a backdrop of a long-run trend of:
Level of Total Spending
Most economists agree that the immediate determinant of the volume of output and employment is the:
The long-term expansion or contraction of business activity that occurs over 50 or 100 years.
As it relates to economic growth, the term long-run trend refers to:
Capital Goods
In which of the following industries or sectors of the economy will business cycle fluctuations likely have the greatest effect on output?
Capital goods and durable consumer goods
The industries or sectors of the economy in which business cycle fluctuations tend to affect output most are:
The construction industry
During a severe recession, we would expect output to fall the most in:
A recession
The phase of the business cycle in which real GDP declines is called:
A trough
The phase of the business cycle in which real GDP is at a minimum is called:
Durables purchases are postponable.
The production of durable goods varies more than the production of nondurable goods because:
Real domestic output falls
A recession is defined as a period in which:
Expansion
In which phase of the business cycle will the economy most likely experience rising real output and falling unemployment rates?
There are a wide range of theories as to the underlying causes of business cycle movements.
Which of the following statements is true about causes of business cycle fluctuations?
All of these are identified as causes of business cycle changes.
Which of the following is not seen by economists as an underlying cause of business cycle fluctuations?
An unexpected change in the level of total spending
Most economists agree that the immediate cause of most business cycle variation is:

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