ECO 561 Week 4 Quiz (A+++++ Answer)

1. Business cycles occur when output

A. falls below its potential

B. rises above its potential

C. is fixed at its potential

D. fluctuates around its growth trend

2. Which of these statements best describes a complete individual business cycle?

A. Movement from peak to trough to peak

B. Movement from recession to expansion

C. Movement from peak to recession to trough

D. Movement from trough to expansion then to peak

3. During the business cycle, the period between the point at which output reaches a high and the point at which it reaches a low is called

A. a peak

B. a trough

C. an expansion

D. a recession

4. Which of the following equals the market value of all final goods and services produced in an economy, stated in the prices of a specific base year?

A. Nominal GNP

B. Nominal GDP

C. Real GDP

D. Real GNP

5. Imagine a country has a population of 210 million. Within the country there are 95 million people who are employed workers, 50 million people incapable of working, and 60 million people capable of working, but not actively looking. Based on this information, what is the unemployment rate?

A. 3%

B. 5%

C. 7%

D. 9%

6. The unemployment produced by fluctuations in economic activity is called

A. frictional unemployment

B. cyclical unemployment

C. natural unemployment

D. structural unemployment

7. New college graduates are most likely to experience

A. frictional unemployment

B. cyclical unemployment

C. natural unemployment

D. structural unemployment

8. The natural rate of unemployment is defined as the

A. highest sustainable rate of unemployment achievable under existing conditions

B. unemployment rate that is consistent with the economy operating at its potential output

C. unemployment rate at which there is no cyclical unemployment

D. the rate of unemployment that should exist according to policy makers

9. The Consumer Price Index (CPI) is based on

A. surveys of retail store sales

B. a broad index of all items in GDP

C. surveys of the prices of items in a market basket

D. Bureau of Labor Statistics estimates of price changes

10. Unanticipated inflation is a problem for society because

A. it rewards lenders at the expense of borrowers

B. increases real profits in the short term

C. rewards savers at the expense of spenders

D. benefits borrowers at the expense of lenders

Calculate the price
Make an order in advance and get the best price
Pages (550 words)
$0.00
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Upload your instructions
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with Lets Write For You
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
Testimonials
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
11,595
Customer reviews in total
96%
Current satisfaction rate
3 pages
Average paper length
37%
Customers referred by a friend
OUR GIFT TO YOU
15% OFF your first order
Use a coupon FIRST15 and enjoy expert help with any task at the most affordable price.
Claim my 15% OFF Order in Chat