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Macroeconomics.d

Macroeconomics.d

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Вопросы и варианты

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Вопрос 1

Which of the following is not a topic of macroeconomics?

  1. Why nations have different rates of growth?
  2. What causes inflation and what can be done about it?
  3. What factors contribute to the presence of monopolies in the economy?
  4. Why unemployment periodically reaches very high levels?
Вопрос 2

The two major reasons for the tremendous growth in output in the U.S. economy over the last 125 years are

  1. population growth and low inflation
  2. population growth and increased productivity
  3. low unemployment and low inflation
  4. low inflation and low trade deficits
Вопрос 3

The main reason that the United States has such a high standard of living is

  1. low unemployment
  2. high average labor productivity
  3. low inflation
  4. High government budget deficits
Вопрос 4

Which of the following factors are most important for determining the economic growth of a country?

  1. The country's level of resources
  2. The independence of the country's central bank
  3. The country's rates of saving and investment
  4. The level of sophistication of a country's financial markets
Вопрос 5

Average labor productivity is the

  1. Amount of workers per machine
  2. Amount of machines per worker
  3. Ratio of employed to unemployed workers
  4. Amount of output per worker
Вопрос 6

In analyzing macroeconomic data during the past year, you have discovered that average labor productivity fell, but total output increased. What was most likely to have caused this?

  1. There is nothing unusual in this outcome because this is what normally occurs
  2. The capital—output ratio probably rose
  3. There was an increase in labor input
  4. Unemployment probably increased
Вопрос 7

In which of the following periods did average labor productivity in the United States grow the fastest?

  1. 1929 to 1935
  2. 1949 to 1973
  3. 1973 to 1995
  4. 1995 to 2008
Вопрос 8

The most direct effect of an increase in the growth rate of average labor productivity would be an increase in

  1. The inflation rate
  2. The unemployment rate
  3. The long-run economic growth rate
  4. Imported goods
Вопрос 9

Short-run contractions and expansions in economic activity are called

  1. Recessions
  2. Expansions
  3. Deficits
  4. The business cycle
Вопрос 10

When national output rises, the economy is said to be in

  1. An expansion
  2. A deflation
  3. Inflation
  4. A recession
Вопрос 11

When national output declines, the economy is said to be in

  1. An expansion
  2. A deflation
  3. An inflation
  4. A recession
Вопрос 12

Which of the following best describes a typical business cycle?

  1. Economic expansions are followed by economic contractions
  2. Inflation is followed by unemployment
  3. Trade surpluses are followed by trade deficits
  4. Stagflation is followed by inflationary economic growth
Вопрос 13

The accounting framework used in measuring current economic activity is called

  1. The U.S. expenditure accounts
  2. The national income accounts
  3. The flow of funds accounts
  4. The balance of payments accounts
Вопрос 14

The three approaches to measuring economic activity are the

  1. Cost, income, and expenditure approaches
  2. Product, income, and expenditure approaches
  3. Consumer, business, and government approaches
  4. Private, public, and international approaches
Вопрос 15

The value of a producer's output minus the value of the inputs it purchases from other producers is called the producer's

  1. Surplus
  2. Profit
  3. Value added
  4. Gross product
Вопрос 16

The value added of a producer is the

  1. Total amount for which all its products sell minus its change in inventories
  2. Value of its total sales once externalities are accounted for
  3. Value of its output minus the value of the inputs it purchases from other producers
  4. Quality-adjusted amount of its total sales less any commissions paid
Вопрос 17

The product approach to calculating GDP

  1. Adds together the market values of final goods and services produced by domestic and foreign-owned factors of production within the nation in some time period
  2. Includes the market value of goods and services produced by households for their own consumption but excludes the value of the underground economy
  3. Is superior to the income approach because, unlike the income approach, it gives us the real value of output
  4. Adds together the market values of final goods, intermediate goods, and goods added to inventories
Вопрос 18

NIPA data

  1. Are never revised
  2. Are revised once
  3. Are revised twice
  4. Are revised many times
Вопрос 19

NIPA annual revisions usually occur

  1. Every January
  2. Every April
  3. Every July
  4. Every October
Вопрос 20

NIPA benchmark revisions are those that

  1. affect data back in time, sometimes as long ago as 1947
  2. use income-tax information
  3. incorporate changes in seasonal factors
  4. are the final revision of the data
Вопрос 21

When the NIPA data incorporate changes in data-construction methods or a new base year, the revisions are called

  1. Annual revisions
  2. Benchmark revisions
  3. First final revisions
  4. Preliminary revisions
Вопрос 22

The Bigdrill Company drills for oil, which it sells for $200 million to the Bigoil Company to be made into gas. The Bigoil Company’s gas is sold for a total of $600 million. What is the total contribution to the country's GDP from companies Bigdrill and Bigoil?

  1. $200 million
  2. $400 million
  3. $600 million
  4. $800 million
Вопрос 23

Sam's Semiconductors produces computer chips, which it sells for $10 million to Carl's Computer Company (CCC). CCC's computers are sold for a total of $16 million. What is the value added of CCC?

  1. $6 million
  2. $10 million
  3. $16 million
  4. $26 million
Вопрос 24

The Compagnie Naturelle sells mounted butterflies, using butterfly bait it buys from another firm for $20,000. It pays its workers $35,000, pays $1000 in taxes, and has profits of $3000. What is its value added?

  1. $3000
  2. $19,000
  3. $39,000
  4. $59,000
Вопрос 25

A mathematical expression relating the amount of output produced to quantities of capital and labor utilized is the

  1. Real interest rate
  2. Productivity relation
  3. Production function
  4. Marginal product
Вопрос 26

In the production function Y = AF(K, N), A is …, K is …, and N is …

  1. total factor productivity; the capital stock; the number of workers employed
  2. total factor productivity; investment; the number of workers employed
  3. the productivity of labor; the capital stock; the size of the labor force
  4. the productivity of labor; investment; the size of the labor force
Вопрос 27

In the production function Y = AF(K, N), total factor productivity is

  1. Y/A
  2. A
  3. K/N
  4. Y/N
Вопрос 28

Suppose the economy's production function is Y = AK^0.3N0.7. If K = 2000, N = 100, and A = 1, then Y = 246. If K and N both rise by 20%, and A is unchanged, by how much does Y increase?

  1. 5%
  2. 10%
  3. 15%
  4. 20%
Вопрос 29

Suppose the economy's production function is Y = AK^0.3N0.7. If K = 2000, N = 100, and A = 1, then Y = 246. If K rises by 10%, and A and N are unchanged, by how much does Y increase?

  1. 30%
  2. 10%
  3. 6%
  4. 3%
Вопрос 30

Suppose the economy's production function is Y = AK^0.3N0.7. If K = 2000, N = 100, and A = 1, then Y = 246. If A rises by 10 percent, and K and N are unchanged, by how much does Y increase?

  1. 5%
  2. 10%
  3. 15%
  4. 20%
Вопрос 31

Suppose the economy's production function is Y = AK^0.3N0.7. If K = 2000, N = 100, and A = 1, then Y = 246. If K and N each increase by 5 percent, and A is unchanged, by how much does Y increase?

  1. 5%
  2. 10%
  3. 15%
  4. 20%
Вопрос 32

If Y = A × N × (75 + K/N), where K = 1000, N = 20, and A = 10, what happens if K doubles and N doubles?

  1. Y is unchanged
  2. Y increases by 50%
  3. Y doubles
  4. Y quadruples
Вопрос 33

Suppose the economy's production function is Y = AK^0.3N0.7. When K = 1000, N = 50, and A= 15, what is Y?

  1. 1842
  2. 6106
  3. 750,000
  4. 123
Вопрос 34

Suppose that Freedonia has GDP equal to 2000 million, the capital stock is 1700 million, and the number of employees equals 70 million. The production function is Y = AK^0.25N0.75. Total factor productivity of the economy is approximately equal to

  1. 0.09
  2. 2.61
  3. 4.19
  4. 12.87
Вопрос 35

Suppose that the production function is given by Y = AK^0.25N0.75. Between Year 1 and Year 2, total factor productivity of Freedonia's economy increased by

  1. -1.5%
  2. 5.0%
  3. 5.5%
  4. 12.7%
Вопрос 36

The two main characteristics of the production function are

  1. it slopes downward from left to right, and the slope becomes flatter as the input increases
  2. it slopes upward from left to right, and the slope becomes steeper as the input increases
  3. it slopes upward from left to right, and the slope becomes flatter as the input increases
  4. it slopes downward from left to right, and the slope becomes steeper as the input increases
Вопрос 37

If the marginal product of capital doesn't change as the amount of capital increases, a figure showing the relationship between output and capital

  1. is a straight line with constant upward slope
  2. is a straight line with a slope of zero
  3. is a vertical line
  4. slopes upward with a slope that declines as the amount of capital increases
Вопрос 38

The marginal product of capital is the increase in

  1. capital needed to produce one more unit of output
  2. output from a one-unit increase in capital
  3. labor needed to accompany a one-unit increase in capital
  4. output from a one-dollar increase in capital
Вопрос 39

Desired national saving equals

  1. Y – C^d - G
  2. C^d + I^d + G
  3. I^d + G
  4. Y- I^d - G
Вопрос 40

The distinction between saving and savings is that saving is , while savings is

  1. The flow of funds that is not consumed out of income; the stock of funds that represents the accumulated amount of net saving over time
  2. The flow of funds that is not consumed out of income; the plural of saving
  3. The flow of funds that someone invests in bank savings accounts; the stock of funds that represents the accumulated amount of net saving over time
  4. The flow of funds that is not consumed out of income; the stock of funds that is invested in bank savings accounts
Вопрос 41

With no inflation and a nominal interest rate (i) of .03, a person can trade off one unit of current consumption for …units of future consumption

  1. 0.97
  2. 1.03
  3. .03
  4. -.03
Вопрос 42

The desire to have a relatively even pattern of consumption over time is known as

  1. Excess sensitivity
  2. The substitution effect
  3. The consumption-smoothing motive
  4. Forced saving
Вопрос 43

An expensive and unexpected car repair causes Cathy to reduce her spending this year by $1000 and next year by $1000, as well. She spreads the cost of the repair over time because of

  1. Her misunderstanding of economics
  2. The substitution effect
  3. The consumption-smoothing motive
  4. Okun's law
Вопрос 44

The government a new source of revenue from its ownership of natural resources that is likely to be permanent. As a result, the government surprises everyone by cutting taxes. In response, Jeff increases his spending this year by $1000 and next year by $1000, as well. He spreads his increased spending over time because of

  1. the real interest rate being positive
  2. the substitution effect
  3. the consumption-smoothing motive
  4. the Phillips curve
Вопрос 45

When a person gets an increase in current income, what is likely to happen to consumption and saving?

  1. Consumption increases and saving increases
  2. Consumption increases and saving decreases
  3. Consumption decreases and saving increases
  4. Consumption decreases and saving decreases
Вопрос 46

Last year, Linus earned a salary of $25,000 and he spent $24,000, thus saving $1000. At the end of the year, he received a bonus of $1000 and he spent $500 of it, saving the other $500. What was his marginal propensity to consume?

  1. .96
  2. .50
  3. .04
  4. .02
Вопрос 47

Rosencrantz's base pay last year was $50,000 and he spent $48,000, thus saving $2,000. At the end of the year, he received a bonus of $2,000 and he spent $200 of it, saving the other $1,800. What is his marginal propensity to consume?

  1. .96
  2. .10
  3. .04
  4. .02
Вопрос 48

The fraction of additional current income that a person consumes in the current period is known as the

  1. Consumption-smoothing motive
  2. Consumption deficit
  3. Saving rate
  4. Marginal propensity to consume
Вопрос 49

An increase in expected future output while holding today's output constant would

  1. Increase today's desired consumption and increase desired national saving
  2. Increase today's desired consumption and decrease desired national saving
  3. Decrease today's desired consumption and increase desired national saving
  4. Decrease today's desired consumption and decrease desired national saving
Вопрос 50

A decrease in the economy's expected future income while holding today's income constant would

  1. Increase today's desired consumption and increase desired national saving
  2. Increase today's desired consumption and decrease desired national saving
  3. Decrease today's desired consumption and increase desired national saving
  4. Decrease today's desired consumption and decrease desired national saving
Вопрос 51

In forecasting consumer spending using surveys of consumer confidence, research suggests that

  1. The forecasts are improved when using consumer confidence measures
  2. The forecasts are not improved when using consumer confidence measures
  3. The forecasts are improved when using consumer confidence measures for forecasts made during recessions, but not expansions
  4. The forecasts are not improved when using consumer confidence measures for forecasts made during expansions, but not recessions
Вопрос 52

When a person receives an increase in wealth, what is likely to happen to consumption and saving?

  1. Consumption increases and saving increases
  2. Consumption increases and saving decreases
  3. Consumption decreases and saving increases
  4. Consumption decreases and saving decreases
Вопрос 53

Which of the following transactions would not be included in the current account of the home country?

  1. A consumer good is imported into the home country
  2. A home country resident makes a deposit in a foreign bank
  3. A foreign student pays tuition to a university in the home country
  4. A home country resident receives income on his or her foreign assets
Вопрос 54

Net exports of goods are known as

  1. The balance of payments
  2. The trade balance
  3. the current account
  4. the financial account
Вопрос 55

If a country's exports of goods exceed its imports of goods, it has a

  1. Trade surplus
  2. Trade deficit
  3. Current account surplus
  4. Current account deficit
Вопрос 56

If France has a trade deficit, then

  1. Imports into France exceed exports from France
  2. Exports from France exceed imports into France
  3. Imports into the United States from France exceed exports from the United States into France
  4. Imports into France from the United States exceed exports from France into the United States
Вопрос 57

If all international factor payment flows are investment income, then net investment income from abroad equals

  1. Net exports
  2. The current account balance
  3. The trade balance
  4. Net income from abroad
Вопрос 58

If the United States donates footballs to Japan, how is the transaction recorded on the U.S. balance of payments accounts?

  1. Decline in trade balance; increase in financial account balance
  2. Decline in financial account balance; increase in trade balance
  3. Decline in net unilateral transfers; increase in trade balance
  4. Decline in trade balance; increase in net unilateral transfers
Вопрос 59

If the United States sells computers to Russia, and uses the proceeds to buy shares of stock in Russian companies, the U.S. trade balance …and the U.S. financial account balance …

  1. Rises; rises
  2. Rises; falls
  3. Falls; falls
  4. Falls; rises
Вопрос 60

The current account balance consists of

  1. the trade balance plus the services balance
  2. net exports of goods and services, minus net unilateral transfers
  3. net exports of goods and services, plus net income from abroad, plus net unilateral transfers
  4. net exports of goods and services, plus net income from abroad, plus net unilateral transfers, minus the financial account balance
Вопрос 61

The sum of net exports of goods and services, net income from abroad, and net unilateral transfers equals

  1. the financial account balance
  2. the balance of payments
  3. the current account balance
  4. the balance on goods, services, and income
Вопрос 62

The difference between the current account balance and net exports is

  1. The capital account
  2. Net unilateral transfers plus net factor payments from abroad
  3. Adjustments in net foreign assets
  4. Income receipts from foreign assets
Вопрос 63

If a U.S. firm buys tulips from a Dutch firm and the Dutch firm uses the dollars it gets to buy U.S. stocks, the U.S. trade balance …and the U.S. financial account …

  1. rises; rises
  2. rises; falls
  3. falls; falls
  4. falls; rises
Вопрос 64

If a U.S. company imports 10 Toyotas from Japan at $15,000 each, and the Japanese company buys airline tickets on a U.S. airline with the money, how does this affect the U.S. balance of payments accounts?

  1. Decline in trade balance; increase in financial account balance
  2. Decline in financial account balance; increase in trade balance
  3. No change in trade balance or financial account balance
  4. Decline in trade balance; decrease in financial account balance
Вопрос 65

Suppose a wealthy Canadian donates $10 million to charities in Mexico. Mexican net exports … and the current account balance …

  1. fall; rises
  2. rise; rises
  3. are unchanged; is unchanged
  4. fall; is unchanged
Вопрос 66

If a French company exports $2 million of machinery to Italy and French tourists spend $2 million at Italian beaches, the French trade balance , and the French financial account balance …

  1. rises; rises
  2. rises; is unchanged
  3. is unchanged; is unchanged
  4. is unchanged; rises
Вопрос 67

Between 1870 and 2010, among the United States, Germany, Japan, and Australia, … grew at the fastest rate and … grew at the slowest rate

  1. United States; Germany
  2. Germany; United States
  3. Australia; Japan
  4. Japan; Australia
Вопрос 68

The elasticity of output with respect to capital

  1. Is the increase in output resulting from an increase in the capital stock
  2. Is the percentage increase in output resulting from a 1 % increase in the capital stock
  3. Is always greater than one
  4. Is the inverse of the elasticity of output with respect to labor
Вопрос 69

Suppose the current level of output is 5000. A 10% increase in productivity would increase the current level of output to

  1. 5050
  2. 5100
  3. 5500
  4. 6000
Вопрос 70

Suppose the current level of output is 5000 and the elasticity of output with respect to capital is 0.4. A 10% increase in capital would increase the current level of output to

  1. 5020
  2. 5050
  3. 5200
  4. 5500
Вопрос 71

Suppose the current level of output is 5000 and the elasticity of output with respect to labor is 0.7. A 10% increase in labor would increase the current level of output to

  1. 5035
  2. 5070
  3. 5350
  4. 5700
Вопрос 72

Suppose the current level of output is 5000. If the elasticities of output with respect to capital and labor are 0.3 and 0.7, respectively, a 10% increase in capital combined with a 5% increase in labor and a 5% increase in productivity would increase the current level of output to

  1. 5015
  2. 5325
  3. 5575
  4. 6000
Вопрос 73

Over the past year, productivity grew 2%, capital grew 1%, and labor grew 1%. If the elasticities of output with respect to capital and labor are 0.2 and 0.8, respectively, how much did output grow?

  1. 1%
  2. 2%
  3. 3%
  4. 4%
Вопрос 74

Over the past year, productivity grew 1%, capital grew 2%, and labor grew 2%. If the elasticities of output with respect to capital and labor are 0.3 and 0.7, respectively, how much did output grow?

  1. 1%
  2. 2%
  3. 3%
  4. 4%
Вопрос 75

Over the past year, productivity grew 1%, capital grew 0%, and labor grew 5%. If the elasticities of output with respect to capital and labor are 0.4 and 0.6, respectively, how much did output grow?

  1. 1%
  2. 2%
  3. 3%
  4. 4%
Вопрос 76

Over the past year, productivity grew 1.8%, capital grew 2%, and labor grew 1%. If the elasticities of output with respect to capital and labor are 0.2 and 0.8, respectively, how much did output grow?

  1. 1%
  2. 2%
  3. 3%
  4. 4%
Вопрос 77

Over the past year, output grew 4%, capital grew 2%, and labor grew 1%. If the elasticities of output with respect to capital and labor are 0.3 and 0.7, respectively, how much did productivity grow?

  1. 2.0%
  2. 2.7%
  3. 3.0%
  4. 3.3%
Вопрос 78

The growth accounting equation is

  1. Y = AaKK aNN
  2. Y = AF(K, N)
  3. ΔY/Y = ΔA/A + aKΔK/K + aNΔN/N
  4. ΔY/Y = ΔA/A - aKΔK/K - aNΔN/N
Вопрос 79

The equation, ΔY/Y = ΔA/A + aKΔK/K + aNΔN/N, is known as

  1. The production function
  2. The Solow model
  3. The productivity formula
  4. The growth accounting equation
Вопрос 80

If capital and labor each grow 5% in a year, the elasticities of output with respect to capital and labor sum to one, and productivity grows 2% in the year, by how much does output grow during the year?

  1. 2%
  2. 3%
  3. 5%
  4. 7%
Вопрос 81

Total factor productivity growth is that part of economic growth due to

  1. Capital growth plus labor growth
  2. Capital growth less labor growth
  3. Capital growth times labor growth
  4. Neither capital growth nor labor growth
Вопрос 82

A system in which people trade goods they don't want to consume for goods they do want to consume is called

  1. An indirect exchange economy
  2. A commodity money system
  3. A barter system
  4. A fiat money system
Вопрос 83

A disadvantage of the barter system is that

  1. No trade occurs
  2. People must produce all their own food, clothing, and shelter
  3. The opportunity to specialize is greatly reduced
  4. Gold is the only unit of account
Вопрос 84

The use of money is more efficient than barter because the introduction of money

  1. Reduces the need for economic specialization
  2. Reduces the need to exchange goods
  3. Reduces the need for other stores of value
  4. Reduces transaction costs
Вопрос 85

In economics, money refers to

  1. Income
  2. Wealth
  3. Assets used and accepted as payment
  4. Currency
Вопрос 86

The following are all functions of money except

  1. Medium of exchange
  2. Store of value
  3. Unit of account
  4. Source of anxiety
Вопрос 87

Money's primary role in the economy comes from the benefits of lowering transactions costs and allowing specialization. This function of money is called

  1. Store of value
  2. Medium of exchange
  3. Standard of deferred payment
  4. Unit of account
Вопрос 88

For something to satisfy the medium-of-exchange function of money, it must be

  1. Backed by gold
  2. Readily exchangeable for other goods
  3. Issued by a central bank
  4. An inherently valuable commodity
Вопрос 89

Which of the following best illustrates the medium of exchange function of money?

  1. The price of a new car is $25,000
  2. A penny saved is a penny earned
  3. A person owes $10,000 on his or her credit card
  4. You pay $3 to purchase a bag of apples
Вопрос 90

In some countries, prices in stores are listed in terms of U.S. dollars, rather than in units of the local currency. That's most likely because

  1. The country's political system is unstable
  2. Interest rates are higher using U.S. dollars than using the local currency
  3. There is no other store of value
  4. The country has experienced high rates of inflation
Вопрос 91

In some countries the U.S. dollar is used as a unit of account rather than the local currency. The primary reason for this is that

  1. The nation has been running a trade surplus
  2. The nation has been running a trade deficit
  3. The U.S. inflation rate is higher than the local inflation rate
  4. U.S. dollars reduce the need to change prices frequently
Вопрос 92

The number of units of one good that trade for one unit of alternative goods can be determined most easily when

  1. There is one unit of account
  2. The goods all weigh about the same
  3. The goods are all new
  4. The goods are actively traded through barter
Вопрос 93

A good that is used as a medium of exchange as well as being a consumption good is called

  1. a barter money
  2. a commodity money
  3. a legal tender
  4. a debased money
Вопрос 94

Why do people keep currency in their pockets when bank deposits pay interest?

  1. Because banks might steal your money
  2. Because currency is more liquid
  3. Because bank deposits lose value due to inflation
  4. Because bank deposits lose value due to changes in interest rates
Вопрос 95

One of moneys primary roles in the economy comes from the use of money to transfer purchasing power to the future. This role of money is called

  1. Store of value
  2. Unit of account
  3. Medium of exchange
  4. Standard of deferred payment
Вопрос 96

Which of the following measures is the best measure of money as a medium of exchange?

  1. M1
  2. M2
  3. M3
Вопрос 97

One of the first organizations to investigate the business cycle was

  1. The Federal Reserve System
  2. The National Bureau of Economic Research
  3. The Council of Economic Advisors
  4. The Brookings Institution
Вопрос 98

The entire sequence of a decline in aggregate economic activity followed by recovery, measured from peak to peak or trough to trough is a

  1. Long-run trend
  2. Potential output path
  3. Business cycle
  4. Recurrent movement
Вопрос 99

A detailed history of business cycles is known as a

  1. Historical decomposition
  2. Trend analysis
  3. Hodrick-Prescott filter
  4. Business cycle chronology
Вопрос 100

The dates of turning points are determined by a committee from the

  1. FBI
  2. BLS
  3. BEA
  4. NBER
Вопрос 101

Business cycles all display the following characteristics except

  1. A period of expansion followed by one of contraction
  2. Movement of many economic variables
  3. Rising prices during an expansion and falling prices during the contraction
  4. They last a period of one to twelve years
Вопрос 102

The trough of a business cycle occurs when hits its lowest point

  1. Inflation
  2. The money supply
  3. Aggregate economic activity
  4. The unemployment rate
Вопрос 103

The low point in the business cycle is referred to as the

  1. Expansion
  2. Boom
  3. Trough
  4. Peak
Вопрос 104

When aggregate economic activity is increasing, the economy is said to be in

  1. An expansion
  2. A contraction
  3. A peak
  4. A turning point
Вопрос 105

The high point in the business cycle is referred to as the

  1. Turning point
  2. Peak
  3. Boom
  4. Trough
Вопрос 106

When aggregate economic activity is declining, the economy is said to be in

  1. A contraction
  2. An expansion
  3. A trough
  4. A turning point
Вопрос 107

Peaks and troughs of the business cycle are known collectively as

  1. Volatility
  2. Turning points
  3. Equilibrium points
  4. Real business cycle events
Вопрос 108

Turning points in business cycles occur when

  1. A new business cycle is initiated at the trough
  2. The economy hits the peak or trough in the business cycle
  3. The business cycle begins to follow a new pattern that differs from previous business cycles
  4. A new business cycle is initiated at the peak
Вопрос 109

Who officially determines whether the economy is in a recession or expansion?

  1. The president of the United States
  2. The U.S. Congress
  3. The Federal Reserve Board of Governors
  4. The National Bureau of Economic Research
Вопрос 110

Which group within the National Bureau of Economic Research officially determines whether the economy is in a recession or expansion?

  1. The G-4
  2. The Business Cycle Dating Committee
  3. The Business Cycle Governors
  4. The Turning Point Group
Вопрос 111

Research on the effects of recessions on the real level of GDP shows that

  1. Recessions cause only temporary reductions in real GDP, which are offset by growth during the expansion phase
  2. Recessions cause large, permanent reductions in the real level of GDP
  3. Recessions cause both temporary and permanent declines in real GDP, but most of the decline are temporary
  4. Recessions cause both temporary and permanent declines in real GDP, but most of the decline are permanent