Name _____________________________________________ Date _______ 12 pts.
Name _____________________________________________ Date _______ 12 pts.
Business Cycles Quiz
Business Cycles Quiz
1.
In your own words, give a definition of Gross Domestic Product (GDP) (1 pt)
1.
In your own words, give a definition of Gross Domestic Product (GDP) (1 pt)
2.
From 1854-1991, how many business cycles has the United States been through? (Circle
one) (1 pt)
A. 4
B. 16
C. 31
D. 54
2.
From 1854-1991, how many business cycles has the United States been through? (Circle
one) (1 pt)
A. 4
B. 16
C. 31
D. 54
3.
List the four phases of the business cycle (4 pts)
A.
B.
C.
D.
3.
List the four phases of the business cycle (4 pts)
A.
B.
C.
D.
4.
What is the technical definition of a “recession”? (1 pt)
A. A decline in GDP combined with inflation
B. A prolonged economic expansion
C. A prolonged economic contraction
D. The lowest point in an economic contraction
4.
What is the technical definition of a “recession”? (1 pt)
A. A decline in GDP combined with inflation
B. A prolonged economic expansion
C. A prolonged economic contraction
D. The lowest point in an economic contraction
5.
How long does the average recession last? (1 pt)
A. 2-4 months
B. 6-18 months
C. 2-4 years
D. 4-8 years
5.
How long does the average recession last? (1 pt)
A. 2-4 months
B. 6-18 months
C. 2-4 years
D. 4-8 years
6.
What is the typical unemployment rate during a period of recession? (1 pt)
A. 20-25%
B. 10-15%
C. 6-10%
D. 2-4%
6.
What is the typical unemployment rate during a period of recession? (1 pt)
A. 20-25%
B. 10-15%
C. 6-10%
D. 2-4%
7.
What is the difference between a recession and a depression? (1 pt)
7.
What is the difference between a recession and a depression? (1 pt)
8.
True or False (Circle One). Economists can accurately predict the ups and downs of a
particular business cycle. (1 pt)
8.
True or False (Circle One). Economists can accurately predict the ups and downs of a
particular business cycle. (1 pt)
9.
Why do you think the most recent recession is being called the “Great” Recession? ( 1
pt)
9.
Why do you think the most recent recession is being called the “Great” Recession? ( 1
pt)