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10 Cards in this Set

  • Front
  • Back
Business Cycles
Fluctuations in the overall rate of national economic activity with alternating periods of expansion and contraction; these vary in duration and degrees of severity; usually measured by real gross domestic product (GDP).
Listed in order, the phases of a complete business cycle are
contraction, trough, expansion, peak.
The business cycle chronology for Canada shows that
compared to the 1854-1929 period, the post-1945 period was characterized by fewer months in contraction and more months in expansion.
The 1974-1975 recession showed that
business cycle recessions can occur with escalating inflation.
After reaching a trough in 1982, the Canadian economy expanded until
the recession of 1990.
Which of the following is not a component of the Index of Leading Economic Indicators?
supermarket sales
One negative aspect of a business cycle boom is
an increasing rate of inflation.
Do large seasonal fluctuations show up in the GDP data?
No, because regular seasonal fluctuations are removed from the data.
Which of the following macroeconomic variables is procyclical?
the nominal money stock
In the AD-AS model, the AD curve
slopes downward.