Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
18 Cards in this Set
- Front
- Back
|
What illustrates recurring growth and decline in real GDP?
|
Business
Cycle |
|
|
The point at which real output reaches a maximum during a business cycle is called the…
|
Peak
|
|
|
The period during which real output falls during a business cycle is called….
|
Recession
|
|
|
The phase of the business cycle that follows a recession is known as the….
|
Trough
|
|
|
As a general rule, a recession is a decline in real GDP lasting at least…
|
Six Months
|
|
|
As a general rule, a recession occurs when there is a 6 consecutive month fall in______.
|
Real GDP
|
|
|
Since World War II, the average length of recessions in the United States has been _____.
|
11 months
|
|
|
What are the four phases of the business cycle?
|
peak, recession, trough and recovery
|
|
|
What stage of the business cycle immediately follows the trough?
|
Recovery
|
|
|
The phase of the business cycle follows a recession.
|
Trough
|
|
|
What are the four phases of the business cycle?
A phase in the business cycle in which the economy’s real GDP declines is known as ____. |
Recession
|
|
|
A long and deep recession in the business cycle is ____.
|
Depression
|
|
|
Since 1929, real GDP in the United States has grown at an average annual rate of about _____.
|
3 percent
|
|
|
Economic growth is measured by the annual percentage increase in a nation's level of _____.
|
Real GDP
|
|
|
The government's chief forecasting gauge for business cycles is the ______.
|
Index of Leading Indicators
|
|
|
List 3 variables included in the index of leading indicators.
|
Average work week
Unemployment claims New businesses |
|
|
Suppose the index of leading economic indicators begin to decline for several months. Which phase of the business cycle will likely follow?
|
Recession
|
|
|
Economic indicators, like unemployment claims and the average workweek, which change before real GDP changes, are called ______.
|
Leading Indicators
|
