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1 Created by Boundless Which of the following occurs when real GDP reaches its maximum, stops rising, and begins to decline? A a trough B a contraction C an expansion D a peak 2 Created by Boundless Which of the following occurs when real GDP declines and unemployment rises? A a peak B a trough C a contraction D an expansion 3 Created by Boundless According to economist Milton Friedman, why is the term "business cycle" a misnomer? A It should be called the economic cycle. B It does not deal with business decisions. It should be called the consumer cycle. C D 4 It is noncyclical in nature. Created by Boundless A statistic that reports the status of the economy a few months in the past is known as what? A a business cycle indicator B a lagging indicator C a leading indicator D an index indicator 5 Created by Boundless Which of the following is NOT an example of a category of economic indicator? A economic summaries B indices C policy briefings D earnings reports 6 Created by Boundless Which of the following is a useful indicator of the outlook for future jobs? A new claims for auto insurance B new claims for unemployment insurance C new claims for health insurance D new claims for liability insurance 7 Created by Boundless Which of the following is NOT a component of GDP by expenditure? A consumption B government spending C exports D per capita income 8 Created by Boundless Which approach to calculating GDP involves summing the outputs of every class of enterprise? 9 A the income approach B the product approach C the expenditure approach D none of these answers Created by Boundless Which approach to calculating GDP works on the principle that the incomes of the productive factors must be equal to the value of their products? A the product approach B none of these answers C the income approach D the expenditure approach 10 Created by Boundless Which approach to calculating GDP works on the principle that all products must be bought by a consumer? A the income approach B the expenditure approach C the product approach D none of these answers 11 Created by Boundless Full employment is defined as the level of employment rates when there is an absence of what kind of unemployment? A ideal B frictional C cyclical D structural 12 Created by Boundless What type of unemployment occurs when a labor market is unable to provide jobs for everyone who wants to work due to a mismatch between workers' skills and skills needed? A cyclical B frictional C structural D ideal 13 Created by Boundless What type of unemployment occurs during the time period between jobs when a worker is searching for or transitioning from one job to another? A ideal B structural C frictional D cyclical 14 Created by Boundless Which of the following occurs when productivity decreases and production volume increases, or vice versa? A Increasing returns B Surplus value C Diminishing returns D Multifactor productivity 15 Created by Boundless Which of the following is NOT considered to be a critical determinant of productivity growth? A Investment B Enterprise C Innovation D Regulation 16 Created by Boundless Which of the following occurs when productivity and production volume either both increase or both decrease? 17 A Surplus value B Multifactor productivity C Increasing returns D Diminishing returns Created by Boundless Which productivity model is often interpreted as the contribution to economic growth made by factors such as technical and organizational innovation? A Multifactor productivity B Increasing returns C GDP per hour worked D Diminishing returns 18 Created by Boundless Which of the following is NOT generally an outlet for the benefits of productivity growth to be distributed to? A Shareholders B The media C Governments D Customers 19 Created by Boundless What is the phenomenon where government borrowing leads to higher interest rates that offset the stimulative impact of spending? A crowding out B price stabilization C aggregate demand stimulation D 20 full employment Created by Boundless Which of the following is NOT an objective of fiscal policy? A economic growth B full employment C price stability D lower taxes 21 Created by Boundless What does Keynesian economics suggest to be the best ways to stimulate aggregate demand? A decreasing government spending and decreasing tax rates B decreasing government spending and increasing tax rates C increasing government spending and decreasing tax rates D increasing government spending and increasing tax rates 22 Created by Boundless What is the theoretical position which argues that crowding out completely negates any fiscal stimulus? A The Keynesian View B The Treasury View C The Stimulus View D The Austrian View 23 Created by Boundless What type of policy will increase interest rates or reduce the money supply, making money more difficult to acquire and, thus, reducing economic activity in an economy? A expansionary B contractionary C reactionary D compulsory 24 Created by Boundless What institution is empowered to exercise monetary policy in the U.S.? 25 A the Executive Branch B the Federal Reserve C the Judicial Branch D the Legislative Branch Created by Boundless What type of policy seeks to lower interest rates or increase the money supply, allowing money to be acquired more easily, increasing economic activity in an economy? A contractionary B reactionary C compulsory D expansionary 26 Created by Boundless What is the primary tool of monetary policy? A monetary base operations B interest rate operations C reserve requirement operations D open market operations