Test 3 - Lab 1 .pptx - The term"business cycle refers to...

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The term "business cycle" refers to the _____ fluctuations in _____. 1. short-term; the aggregate price level 2. short-term; economic growth rates 3. long-term; the aggregate price level 4. long-term; economic growth rates
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In the United States unemployment rates tend to move _____. This means that when the economy is experiencing _____, unemployment rates decrease, everything else held constant. 1. procyclically; an expansion 2. procyclically; a recession 3. countercyclically; an expansion 4. countercyclically; a recession
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Which of the following describes the economic performance of the United States in 1982? 1. Expansion. 2. Recession. Month Unemployment Rate Month Unemployment Rate January 8.6% July 9.8% February 8.9% August 9.8% March 9.0% September 10.1% April 9.3% October 10.4% May 9.4% November 10.8% June 9.6% December 10.8%
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Suppose over a six-week period you observe the following data for initial weekly jobless claims in the United States: 293,000; 288,000; 267,000; 282,000; 295,000; and 296,000. Which of the following describes the state of the labor market in the United States during this period?
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