ch12studyguide

ch12studyguide - Chapter 12 Study Guide 1. What are the...

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Chapter 12 Study Guide 1. What are the phases of a business cycle? a) expansion, peak, depression b) expansion, trough c) expansion, peak, contraction, trough d) peak, contraction, recession, depression e) none of the above 2. How can an economy increase it's stock of capital per worker? a) by increasing minimum wage b) through saving and investment c) by measuring quality of living d) by working more hours 3. When did the economy recover fully after the Great Depression? a) when the U.S. entered WWII b) november 2001 c) when WWII ended d) none of the above
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4. What main variable(s) affect business cycles? a) business investment b) interest rates and credit c) consumer expectations d) external shock e) all of the above 5. Which of the following is not a category of goods? a) consumer b) government c) business d) educational 6. Who believed that periodic sunspot activity affected crop harvests? a) Adam Smith
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ch12studyguide - Chapter 12 Study Guide 1. What are the...

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