Exam 24: Economic Growth, Business Cycles, and Unemployment

Assuming that the number of working-age adults is 240 million,the labor force is 160 million,and the total number of employed is 150 million.What is the unemployment rate?

What is the formal definition of a recession?

Laissez-faire economists believe:

In order of their occurrence, the phases of the business cycle are:

What is the business cycle? List (in order of occurrence beginning when GDP is at its highest)the four phases of the business cycle.

If the economy is in a structural stagnation, it can be expected to return to its historical trend soon.

Cyclical unemployment is caused by fluctuations in economic activity.

What turns a business cycle into a structural stagnation?

Issues of growth are generally considered in:

Classical economists believe that in the short run, in the real world:

Which of the following statements would a Classical economist of the 1930s most likely disagree with?

Keynesians tend to agree that during a depression:

How does structural stagnation challenge the standard Keynesian and Classical viewpoints?

Which of the following was not a solution to the Great Depression favored by Classical economists?

Unemployment caused by a recession, assuming the time it takes to find a job constant, is called:

Keynesians are most likely to:

After the Great Depression, until 2008, economic downturns:

Draw a diagram of the phases of a business cycle and the secular growth rate.Label each phase of the business cycle.What is the precise definition of a recession?

What is one reason the government collects data about discouraged workers?

Which of the following people would be considered unemployed?