The following data give the dates of successive turning points in U.S. economic activity and the corresponding levels of real GDP at the time. \[\begin{array} { | c | c | c | } \hline \text { Turning Paint } & \text { Date } & \text { Real GDP (1996 \$ billims) } \\ \hline \text { (A) } & \text { July } 1953 & 1992.2 \\ \hline \text { (B) } & \text { May } 1954 & 1941.0 \\ \hline \text { (C) } & \text { Apr. } 1957 & 2182.7 \\ \hline \text { (D) } & \text { Apr. } 1958 & 2117.4 \\ \hline \text { (E) } & \text { Apr. } 1960 & 2391.0 \\ \hline \end{array}\] Which of the turning points are troughs?

A) ( A) , ( B) , and ( C) B) ( C) , ( D) , and ( E) C) ( A) , ( C) , and ( E) D) ( B) and ( D) A) ( A) , ( B) , and ( C) B) ( C) , ( D) , and ( E) C) ( A) , ( C) , and ( E) D) ( B) and ( D)

The following data give the dates of successive turning points in U.S. economic activity and the corresponding levels of real GDP at the time. \[\begin{array} { | c | c | c | } \hline \text { Turning Paint } & \text { Date } & \text { Real GDP (1996 \$ billims) } \\ \hline \text { (A) } & \text { July } 1953 & 1992.2 \\ \hline \text { (B) } & \text { May } 1954 & 1941.0 \\ \hline \text { (C) } & \text { Apr. } 1957 & 2182.7 \\ \hline \text { (D) } & \text { Apr. } 1958 & 2117.4 \\ \hline \text { (E) } & \text { Apr. } 1960 & 2391.0 \\ \hline \end{array}\] Which of the turning points are peaks?

A) ( A) , ( B) , and ( C) B) ( C) , ( D) , and ( E) C) ( A) , ( C) , and ( E) D) ( B) and ( D) A) ( A) , ( B) , and ( C) B) ( C) , ( D) , and ( E) C) ( A) , ( C) , and ( E) D) ( B) and ( D)

Exam 24: Short-Term Economic Fluctuations: An Introduction

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In Macroland, potential output equals $100 trillion and the natural rate of unemployment is 4 percent. If the actual unemployment rate is 3 percent, then the output gap equals:

(Multiple Choice)

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Question 41

In the long run, output gaps are eliminated by:

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Question 42

A period in which the economy is growing at a rate significantly above normal is called a(n):

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Question 43

When recessions are the result of slowing growth in potential output, the government's best policy is to:

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Question 44

The longest expansion of the United States economy since 1925 began in:

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Question 45

The difference between the economy's potential output and its actual output relative to its potential output at a point in time is called the:

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Question 46

If real GDP is less than potential GDP, then:

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Question 47

The following data give the dates of successive turning points in U.S. economic activity and the corresponding levels of real GDP at the time. Turning Paint Date Real GDP (1996 \ billims) (A) July 1953 1992.2 (B) May 1954 1941.0 (C) Apr. 1957 2182.7 (D) Apr. 1958 2117.4 (E) Apr. 1960 2391.0 Which of the turning points are troughs?

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Question 48

An informal definition of a recession is at least ________ consecutive quarters of declining real GDP.

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Question 49

If potential output equals $8 billion and actual output equals $10 billion, then this economy's output gap should be expressed as:

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Question 50

According to Okun's law, when cyclical unemployment is positive, the output gap:

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Question 51

The end of a recession is called the:

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Question 52

Among the most important indicators used by the NBER Business Cycle Dating Committee to determine the beginning of the 2007-2009 recession were all of the following except:

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Question 53

If potential output for an economy equals $8 billion, and actual output equals $7 billion, then this economy has a(n):

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Question 54

Workers in durable-goods industries are ________ workers in service industries to lose their jobs during a recession.

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Question 55

The following data give the dates of successive turning points in U.S. economic activity and the corresponding levels of real GDP at the time. Turning Paint Date Real GDP (1996 \ billims) (A) July 1953 1992.2 (B) May 1954 1941.0 (C) Apr. 1957 2182.7 (D) Apr. 1958 2117.4 (E) Apr. 1960 2391.0 Which of the turning points are peaks?

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Question 56

The duration of a recession is measured from:

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Question 57

If the natural rate of unemployment equals 6 percent and the actual rate of unemployment equals 5 percent, then cyclical unemployment equals:

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Question 58

The economy of Omega operates according to Okun's law. In Omega, the actual and the natural rates of unemployment equal 5 percent, and real GDP equals $10 trillion. What is potential GDP in Omega?

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Question 59

Refer to the accompanying figure. In the figure, which interval represents a business cycle recession?

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Question 60

Showing 41 - 60 of 124

Exam 24: Short-Term Economic Fluctuations: An Introduction

In Macroland, potential output equals $100 trillion and the natural rate of unemployment is 4 percent. If the actual unemployment rate is 3 percent, then the output gap equals:

In the long run, output gaps are eliminated by:

A period in which the economy is growing at a rate significantly above normal is called a(n):

When recessions are the result of slowing growth in potential output, the government's best policy is to:

The longest expansion of the United States economy since 1925 began in:

The difference between the economy's potential output and its actual output relative to its potential output at a point in time is called the:

If real GDP is less than potential GDP, then:

An informal definition of a recession is at least ________ consecutive quarters of declining real GDP.

If potential output equals $8 billion and actual output equals $10 billion, then this economy's output gap should be expressed as:

According to Okun's law, when cyclical unemployment is positive, the output gap:

The end of a recession is called the:

Among the most important indicators used by the NBER Business Cycle Dating Committee to determine the beginning of the 2007-2009 recession were all of the following except:

If potential output for an economy equals $8 billion, and actual output equals $7 billion, then this economy has a(n):

Workers in durable-goods industries are ________ workers in service industries to lose their jobs during a recession.

The duration of a recession is measured from:

If the natural rate of unemployment equals 6 percent and the actual rate of unemployment equals 5 percent, then cyclical unemployment equals:

The economy of Omega operates according to Okun's law. In Omega, the actual and the natural rates of unemployment equal 5 percent, and real GDP equals $10 trillion. What is potential GDP in Omega?

Refer to the accompanying figure. In the figure, which interval represents a business cycle recession?

Thinking Like an Economist

Comparative Advantage

Supply and Demand

Elasticity

Demand

Perfectly Competitive Supply

Efficiency, Exchange, and the Invisible Hand in Action

Monopoly, Oligopoly, and Monopolistic Competition

Games and Strategic Behavior

An Introduction to Behavioral Economics

Externalities, Property Rights, and the Environment

The Economics of Information

Labor Markets, Poverty, and Income Distribution

Public Goods and Tax Policy

International Trade and Trade Policy

Macroeconomics: The Birds Eye View of the Economy

Measuring Economic Activity: GDP and Unemployment

Measuring the Price Level and Inflation

Economic Growth, Productivity, and Living Standards

The Labor Market: Workers, Wages, and Unemployment

Saving and Capital Formation

Money Prices and the Federal Reserve

Financial Markets and International Capital Flows

Spending and Output in the Short Run

Stabilizing the Economy: The Role of the Fed

Aggregate Demand, Aggregate Supply, and Inflation

Exchange Rates and the Open Economy

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