1. The turning points of the business cycle are called (Points : 1) peaks and tr

Question

1. The turning points of the business cycle are called (Points : 1)       peaks and troughs.
      expansions and contractions.
      nadirs and zeniths.
      peaks and valleys.
      tops and bottoms.

Question 2.2. If an attempt is made to use aggregate supply to increase output, (Points : 1)       employment should remain at the same level.
      employment should fall.
      prices should remain at the same level.
      prices should fall.
      prices should rise.

Question 3.3. Which of the following is a result of slow economic growth? (Points : 1)       Increasing tax revenues
      increasing levels of pollution
      higher unemployment rates
      political tranquility

Question 4.4. All but one of the following will shift the aggregate supply curve to the right. (Points : 1)       changes in technology
      changes in the size and composition of the labor force
      changes in tastes
      changes in producer tax incentives?

Question 5.5. Cyclical unemployment is a function of (Points : 1)       search costs.
      mismatch of workers and jobs.
      unemployment compensation.
      new entrants into the labor force.
      a decline in total output.

Question 6.6. In the circular flow model, how can households use their income? (Points : 1)       expenditures, investment, borrowing, and spending on imports
      borrowing, investment, taxes, and saving
      expenditures, saving, taxes, and spending on imports
      expenditures, taxes, investment, and borrowing
      taxes, investment, and hoarding

Question 7.7. When the jobs available in a market don't fit the skills of those looking for work, the economy is experiencing (Points : 1)       frictional unemployment.
      voluntary unemployment.
      structural unemployment.
      cyclical unemployment.

Question 8.8. An increase in the money supply (Points : 1)       will shift aggregate demand to the left.
      will shift aggregate demand to the right.
      will shift aggregate supply to the right.
      will shift aggregate supply to the left.
      will have no effect on either aggregate supply or aggregate demand.

Question 9.9. Economists use the phrase "business cycle" when discussing (Points : 1)       movements in interest rates.
      changes in economic productivity.
      fluctuations in employment.
      fluctuations in aggregate measures of economic output or income.
      fluctuations in the money supply.

Question 10.10. Economic growth is the result of (Points : 1)       falling prices.
      more pollution.
      less population.
      additional resources and advances in technology.
      a decrease in the money supply.?

Explanation / Answer

1.peaks and troughs

2.prices should fall.

3.political tranquility

4.changes in the size and composition of the labor force

5.mismatch of workers and jobs

6.expenditures, taxes, investment, and borrowing

7.cyclical unemployment.

8.will shift aggregate supply to the right.

9.fluctuations in the money supply

10.additional resources and advances in technology.

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