Macroeconomics—Review Questions # 2Student: ________________________________________________________________________1. Recurring upswings and downswings in an economy's real GDP over time are called: A. recessions.B. business cycles.C. output yo-yos.D. total product oscillations. 2. Most economists agree that the immediate determinant of the volume of output and employment is the: Answer the question on the basis of the following information about the hypothetical economy of Scoob. All figures are in millions. 3. Refer to the above information. The labor force in Scoob is:
4. The industries or sectors of the economy in which business cycle fluctuations tend to affect output most are: 5. The phase of the business cycle in which real GDP declines is called: A. the peak.B. an expansion.C. a recession.D. the trough. 6. In which phase of the business cycle will the economy most likely experience rising real output and falling unemployment rates? 7. Which of the following is not seen by economists as an underlying cause of business cycle fluctuations? 8. Kara voluntarily quit her job as an insurance agent to return to school full-time to earn an MBA degree. With degree in hand she is now searching for a position in management.Kara presently is:
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